Greystone Places Loan for Spring Grove Apartments

CARPENTERSVILLE, IL—MJC Spring Grove recently gained a loan for the $5.1 million acquisition of Spring Grove Apartments here at 170 Golfview Lane, in this community north of Elgin, IL.

Greystone originated the $4 million Fannie Mae Small Loan for the 108-unit property, which includes one- and two-bedroom apartments on 5.2 acres. The complex is 95% occupied, according to Virender Bedi, principal of the family-owned MJC.

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.

“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 Corp. “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.”
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