Suburban Chicago Community Lands $55M Refi
- Dec 17, 2020
Camden at Bloomingdale, a 360-unit property in the western suburbs of Chicago has received $54.6 million in HUD Section 223(f) financing. Greystone provided the loan, working on behalf of the owner, a private investor. The new mortgage retires a $49.3 million Fannie Mae loan.
The owner acquired the community in 2017, when Friedkin Realty Group sold it for $84.9 million, Yardi Matrix data shows. The retired loan was assumed as part of that deal.
The 35-year, fixed-rate refinancing carries an amortization period of 35 years. The deal qualified for a lower interest rate through HUD Green financing due to the property’s Energy Star certification.
The community is located at 348 Glenwood Drive in Bloomingdale, Ill., near Mallard Lake and U.S. Route 20. Downtown Chicago is 30 miles east of the site, and Stratford Square Mall and various other retail options are less than 1 mile south.
Constructed in 1991, the 19-building garden-style property spans 23.3 acres, with a unit mix of one-, two- and three-bedroom floorplans. Apartments are equipped with washer/dryers, with fireplaces and vaulted ceilings in some units. Community amenities include a clubhouse, a business center, a fitness center, a pool and sports courts.
Greystone’s Managing Directors Clint Darby and Phiet Nguyen originated the financing. In October, Darby sourced a $9.4 million refinancing loan for a 300-unit multifamily asset outside of Milwaukee.