CLK Properties Lands $115M for Chicago Community
This property was the subject of the largest condo deconversion project in the U.S.
CLK Properties has obtained $115 million in refinancing for the 918-unit Courtlands on the Park in Des Plaines, Ill. Greystone arranged the five-year Freddie Mac note with three years of interest-only payments and a 30-year amortization schedule.
The debt refinances the bridge loan CLK used to acquire the asset in 2019 and also enables the firm to use a portion of the equity in the property.
At the time of CLK’s acquisition, Courtlands on the Park was a condominium complex. Between 2021 and 2023, the firm redeveloped it into a rental community through the largest condo deconversion in the history of the U.S.
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Located at 10020 Holly Lane, Courtlands on the Park encompasses 153 residential buildings spread across more than 33 acres. The unit mix comprises one- and two-bedroom floorplans ranging from 450 to 950 square feet. Apartments underwent renovations recently.
Common-area amenities include a playground, clubhouse, outdoor courtyard, barbecue and grilling areas, as well as a pet park and laundry facilities. The property also has more than 1,160 parking spaces.
The community is close to Interstate 294 and several retail options, including the Golf Mill shopping center. Chicago O’Hare International Airport is within 9 miles, while downtown Chicago is 22 miles away.
Greystone Senior Managing Director Eric Rosenstock originated the financing on behalf of the borrower.
Chicago multifamily sales keep steady
Chicago’s multifamily investment volume for 2025 clocked in at roughly $4 billion from the 94 assets—17,478 apartments—that changed hands, according to Yardi Matrix data. This marks a considerable increase from the figures registered in 2024, when 72 properties—13,386 units—were sold for $2.7 billion. The average price per unit rose year-over-year from $213,068 to $237,450.
At the end of last year, Aimco entered into a definitive agreement to sell a 1,495-unit, seven-asset portfolio in metro Chicago to LaTerra Capital Management and Respark Residential. The $455 million transaction involves communities that were completed between 1972 and 2019.
