Greystone Provides $54.6M HUD-Insured Loan for Refinancing of Suburban Chicago Multifamily Asset
BLOOMINGDALE, ILL. — Greystone has provided a $54.6 million HUD-insured 223(f) loan for the refinancing of Camden at Bloomingdale. The 360-unit apartment property is located in Bloomingdale, a northwest suburb of Chicago. Built in 1991, the property consists of 19 garden-style buildings. Amenities include a clubhouse, business center, fitness center, pool, outdoor sports courts, picnic grounds and playground areas. Clint Darby and Phiet Nguyen of Greystone originated the 35-year loan, which features a 35-year amortization and a fixed interest rate of 2.68 percent. The transaction qualified for HUD’s green financing, further reducing the interest rate on the loan. The borrower, Chern Camden, will use loan proceeds to refinance an existing Fannie Mae loan, continue with ongoing maintenance and monetize existing equity, according to Greystone.