Greystone Provides $58.6M Loan for Refinancing of Apartment Community in Metro Chicago

ELK GROVE VILLAGE, ILL. — Greystone has provided a $58.6 million Freddie Mac Workforce Preservation loan to refinance Terraces of Elk Grove, a 427-unit multifamily property in the Chicago suburb of Elk Grove Village. Built in 1968, the garden-style community consists of nine buildings, including a clubhouse. Eric Rosenstock and Dan Sacks of Greystone originated the financing on behalf of the borrower, Bayshore Properties. The nonrecourse, fixed-rate loan, which refinances an existing Greystone bridge loan on the property, features a 10-year term, 35-year amortization and five years of interest-only payments. In accordance with Freddie Mac’s Workforce Preservation program, 30 percent of the units at the property are designated for households earning less than 80 percent of the area median income.