Greystone, a leading real estate lending, investment and advisory company, has secured an $18.22 million loan from Fannie Mae’s Delegated Underwriting & Servicing program for the purchase of a 139-unit multifamily property in Chicago, Illinois. The financing was arranged by Clint Darby and Andrew Remenschneider of Greystone.
The Cornelia-Stratford apartment building is located at 535 West Cornelia Avenue in Cook County and was originally built in 1927. It offers a variety of unit sizes including studio, one-, two-, three- and four-bedroom options. Amenities at the mid-rise building include bike storage, laundry facilities and a tenant lounge area. The non-recourse loan features an attractive fixed-rate with a term of 15 years and interest-only payments for the first five years.
“We are honored when clients choose to work with us again based on their previous positive experiences,” said Darby about securing this financing deal. “It speaks volumes to our expertise in multifamily properties as well as our commitment to providing exceptional solutions quickly through our extensive lending platform.”
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