Briarbrook Apartment Homes
Lending - Fannie Mae - $39M
Greystone provided a $39,411,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of Briarbrook Apartment Homes in Wheaton, IL. The loan was originated by Donny Rosenberg of Greystone on behalf of Strategic Briarbrook LLC with Shaya Ackerman of Meridian Capital in New York as correspondent on the transaction.
The loan for Briarbrook Apartment Homes carries a 12-year term with 30-year amortization and five years of interest-only. The property consists of 342 one- and two- bedroom apartments on 19.5 acres. It was originally developed in 1972 and significantly renovated in 2008. Amenities include a swimming pool, a sundeck, a tennis court, and granite-style countertops.
“Greystone continues to prove itself as a consistent and dedicated finance provider, and working with the team on the closing of the loan for Briarbrook has been nothing short of a fun and collaborative process,” said Saul Kuperwasser, Key Principal of Strategic Briarbrook LLC and parent company Strategic Properties of North America (SPNA).
“Greystone has been fortunate to bring Briarbrook into the Fannie Mae portfolio as a property, which allowed Fannie Mae to provide uniquely attractive financing. SPNA is a strong and growing company, and we feel privileged to contribute to their growth and success,” said Donny Rosenberg.