Greystone Provides $33.6 Million Loan for Multifamily Property in West Chicago
Greystone has provided a $33.6 million loan for the acquisition of a multifamily property in West Chicago, IL.
Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a 33.6 million loan for the acquisition of a multifamily property in West Chicago, IL. The property, located at International Drive, West Chicago, IL 60185, was sold for 44 million on November 9, 2021. The deal did not disclose the brokers involved in the transaction.
The property is a Class A multifamily community with 240 units. It was built in 2019 and features a mix of one-, two-, and three-bedroom apartments. The community offers residents a variety of amenities, including a fitness center, swimming pool, clubhouse, and outdoor grilling area. The property is located in a desirable area of West Chicago, with easy access to major highways and public transportation.
The buyer of the property was not disclosed. However, the seller was a joint venture between two real estate investment firms, one based in Chicago and the other based in New York. The joint venture had acquired the property in 2019 for 38.5 million, meaning they realized a profit of 5.5 million on the sale.
Greystone, the lender in the deal, is a leading national commercial real estate lending, investment, and advisory company. The company has a strong track record of providing financing for multifamily properties, and this deal is no exception. The $33.6 million loan provided by Greystone represents a loan-to-value ratio of approximately 76%, indicating a relatively low level of risk for the lender.
Overall, this deal represents a successful transaction for all parties involved. The seller realized a profit on their investment, the buyer acquired a desirable multifamily property in a strong market, and Greystone provided financing for a high-quality asset. As the multifamily market continues to perform well, it is likely that we will see more deals like this in the future.