Greystone Arranges $95M Financing for Multifamily Trio
The Freddie Mac loans will refinance two Class B communities along the East Coast and one in the Midwest.
Grandview Gardens. Image via Google Street View
Greystone recently provided more than $95 million in Freddie Mac financing to three properties located in Illinois, Pennsylvania and Virginia. Each of the three transactions was originated by Dan Sacks, the managing director of Greystone’s office in New York City. Just last week, Greystone landed a refinancing loan for a multifamily community in suburban Chicago.
The 346-unit Eagle Creek Apartments in Chicago’s suburb of Westmont, Ill., received a $41.2 million Freddie Mac loan. Located at 1228 S. William St. on a 17.5-acre site, the Class B garden-style community was built in 1976 and was last renovated in 2007. Units feature hardwood floors, walk-in closets, high-speed internet access, and private patios or balconies. Residents also have access to a fitness center, two swimming pools and 718 parking spaces.
Eagle Creek Apartments gained a floating rate loan carrying a 10-year term with a 30-year amortization and five years of interest-only payments. The loan replaced an existing Greystone Freddie Mac loan used to purchase the property in 2017.
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Greystone also secured a $20.6 million Freddie Mac loan for the acquisition of Grandview Gardens Apartments, a three-story apartment community in located at 957 Bristol Pike in Bensalem, Pa. Built in 1965, the 226-unit property offers apartments with high-speed internet access, ceiling fans and window coverings. Amenities include private courtyards, a swimming pool and 325 parking spaces. The floating-rate loan offers a 10-year term and 30-year amortization, with four years of interest-only payments. Platinum Capital Group’s Jack Miller acted as correspondent on the transaction.
Finally, the company secured a $33.3 million Freddie Mac loan to refinance Seaboard Apartments, a 191-unit community in Richmond, Va. The financing, replacing an existing Freddie Mac loan from Greystone, carries a 12-year term and 30-year amortization. Meridian Capital Group’s David Fisher acted as correspondent on the transaction.
