**Greystone Provides $58.6M Loan to Refinance Elk Grove Village Multifamily Community**
Greystone has secured a $58.6 million Freddie Mac Workforce Preservation Program loan to refinance a 427-unit multifamily property in Elk Grove Village, Illinois.
The financing was arranged by Greystone Senior Managing Directors Eric Rosenstock and Dan Sacks on behalf of Bayshore Properties, a long-time Greystone client. The property, known as Terraces of Elk Grove, was built in 1968 and is located in Cook County. It features a garden-style design with nine apartment buildings, including a clubhouse, offering a mix of one- and two-bedroom units.
The loan is a non-recourse, fixed-rate refinancing of an existing Greystone bridge loan. It carries a 10-year term with a 35-year amortization schedule and includes five years of interest-only payments. Additionally, 30% of the units are designated for households earning under 80% of the Area Median Income, supporting affordable housing initiatives.
“Greystone is committed to facilitating transactions that enable multifamily investors to provide quality, affordable housing to families in and around Chicago,” said Dan Sacks.
