Greystone has provided an $18,220,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 139-unit multifamily property Cornelia-Stratford in Chicago, Illinois. The financing was originated by Clint Darby and Andrew Remenschneider of Greystone.
Originally constructed in 1927, Cornelia-Stratford in Cook County is a mid-rise apartment building featuring vintage charm and details studio, one-, two-, three- and four-bedroom units. The property’s amenities include bike storage, laundry facilities and tenant lounge. The $18.2 million non-recourse, fixed-rate loan features a 15-year term with interest-only payments for the first five years of the term.
Located just on the other side of Belmont Harbor is 535 W Cornelia Avenue. You couldn’t be much closer to the action, with Wrigley Field just 4.5 blocks away, and all the great restaurants and shopping of Lakeview just steps away.
Bordering Lake Michigan on the north side of Chicago directly above Lincoln Park. Originally built in 1914 for Federal League’s Chicago Whales, Wrigley Field is one the oldest still-operating stadiums in the MLB. It was renamed Wrigley Field in 1926 by then-owner William Wrigley Jr., a chewing gum manufacturer.
This large neighborhood consists of several smaller enclaves, including Wrigleyville, Boystown, and North Halsted. Lakeview features several theaters, such as the Music Box Theater and the Playground Theater, as well as music venues and shops. On the south end of the neighborhood, Lincoln Park is home to the Lincoln Park Zoo, a nine-hole golf course, a dog beach, and many jogging trails.
“We deeply appreciate it when clients return to Greystone based on their past experiences with us – there is no greater show of trust in our process and multifamily expertise,” said Mr. Darby. “Our careful and creative approach helps clients achieve their goals, and we leverage our extensive lending platform to bring them exceptional solutions quickly.”
