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| Spring Grove Apartments, Carpentersville, IL |
Chicago, IL – Greystone, a leading national provider of
multifamily and commercial mortgage loans, announced the origination of a $4.08
million Fannie Mae Small Loan for a multifamily property located in
Carpentersville, IL.
The loan was used
toward the acquisition of Spring Grove Apartments, a 108-unit community
consisting of one- and two-bedroom apartments and 181 parking spaces, situated
on 5.211 acres. Spring Grove Apartments is located at 170 Golfview Lane in the
Northwest suburb of Carpentersville, Illinois. The property was acquired for a
total of $5.1 million and is currently 95% occupied.
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| Billy Posey |
“The Greystone team
was thorough and expedient, and the firm quickly provided us with the financing
we needed for the acquisition of Spring Grove Apartments,” said Virender
Bedi, Principal of MCJ Spring Grove, LLC. “If my family ever decides to
acquire another multifamily building, Greystone will be my lender of
choice.”
Sujal Parikh
and Clint Darby, of Greystone’s Chicago office, arranged financing for
the buyer at a 4.24% interest rate, on a 10-year, non-recourse loan with a
30-year amortization.
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| Clint Darby |
“We were very
pleased to work with all parties associated with this sale and Fannie Mae in
order to secure financing for this acquisition,” said Billy Posey,
Executive Vice President of Greystone Servicing Corporation.
“Our team’s
extensive knowledge of the local real estate market, combined with a good
working relationship with Fannie Mae, allowed us to close the loan and
successfully meet the borrowers’ time frame.”
Contact:
Jessica Kleinman
Cognito
+1 646 395 6314
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