DES PLAINES, ILL. — Greystone has provided a $115 million Freddie Mac loan to refinance Courtlands on the Park, a 918-unit multifamily community in Des Plaines. Eric Rosenstock of Greystone originated the loan on behalf of the borrower, CLK Properties. Built in 1973, Courtlands on the Park is a garden-style community with 153 buildings. The units have been recently renovated with modern appliances and finishes. Amenities include a playground, dog park, grilling stations and onsite parking.
The nonrecourse, fixed-rate loan features a five-year term and 30-year amortization along with three years of interest-only payments. The loan refinances the bridge financing used to acquire the property in 2019 and enables the borrower to use a portion of the equity in the property.