Greystone Refis Chicago-Area Apartments With $115M Freddie Mac Loan

CLK Properties has sealed $115 million of Freddie Mac-backed debt to refinance a multifamily community in a suburb northwest of Chicago, Commercial Observer can first report.

Greystone provided the nonrecourse, fixed-rate loan for CLK’s 918-unit Courtlands on the Park apartment complex in Des Plaines, Ill. The loan, which retires past bridge financing used to acquire the property, features a five-year term and 30-year amortization period along with three years of interest-only payments, according to Greystone. 

Eric Rosenstock, senior managing director at Greystone, said in a statement that the loan provides CLK with “a permanent solution that enables them to continue to realize their vision for the property.” 

Located at 10020 Holly Lane 19 miles northwest of Downtown Chicago, the 1973-built garden-style apartment complex consists of 153 buildings with one- and two-bedroom units. CLK acquired Courtlands on the Park for $94 million in early 2020 as part of a condo conversion project, The Real Deal reported at the time. 

Long Island-based CLK Properties also landed a $33.7 million Fannie Mae-backed loan from Greystone in 2022 to purchase Willow Creek Apartments in Jonesboro, Ark., as CO first reported at the time. 

Craig Koenigsberg, CEO of CLK Properties, said in a statement that Greystone “understands the complexities of multifamily financing in every market cycle” and it looks “forward to working together again in the future.”

Andrew Coen can be reached at acoen@commercialobserver.com.