Greystone has closed a $115 million Freddie Mac refinancing for Courtlands on the Park, a large multifamily community in Des Plaines, Illinois. The new loan replaces the bridge financing that was used to acquire the property in 2019 and provides the sponsor with the ability to access a portion of the equity built up in the asset.
The financing is secured by Courtlands on the Park, described as a 918-unit suburban multifamily apartment community. The property is located in Cook County and operates as a garden-style complex. It was originally built in 1973 and, according to the lender, the community consists of 153 buildings with 913 one- and two-bedroom units that have been recently renovated with modern appliances and finishes.
Greystone Senior Managing Director Eric Rosenstock originated the loan on behalf of CLK Properties, a repeat client of the firm. The transaction underscores an ongoing relationship between Greystone and CLK Properties, with Rosenstock leading the financing effort for the borrower.
The new Freddie Mac execution is a non-recourse, fixed-rate loan with a five-year term and 30-year amortization schedule. The structure also includes three years of interest-only payments, providing the borrower with additional cash flow flexibility over the initial period of the loan. By transitioning from the prior bridge loan to this permanent financing, the sponsor locks in long-term, agency-backed debt on the asset.
In addition to refinancing the prior acquisition loan, the structure enables CLK Properties to utilize a portion of the equity created in Courtlands on the Park since the 2019 purchase. While specific proceeds allocation and cash-out amounts were not disclosed, the transaction is described as providing a permanent solution that supports the borrower’s ongoing plans for the property.
“We are thrilled that we were able to provide our client with a permanent solution that enables them to continue to realize their vision for the property,” said Rosenstock in a statement on the closing. The loan demonstrates continued access to Freddie Mac capital for stabilized, renovated multifamily communities in suburban Chicago locations.
