Greystone Secures $25.5 Million Fannie Mae Loan for 169-Unit Chicago Lakeview Multifamily Acquisition
Greystone Capital Advisors has originated a $25,500,000 Fannie Mae acquisition loan for 422 & 424 W. Melrose Ave., a 169-unit, 15-story multifamily property in Chicago's Lakeview neighborhood, the firm announced Aug. 10.
The financing was originated by Clint Darby and Andrew Remenschneider of Greystone. Christopher Sackley and William Montana of National Real Estate Advisors brokered the sale of the property.
Property and Deal Details
The Lakeview apartment community was originally built in 1926 and has received more than $7 million in capital improvements over the past decade. The Fannie Mae loan enables the borrower to acquire the asset, positioning it for long-term investment, according to the firm.
The property sits in one of Chicago's established residential submarkets, with access to Lake Michigan, Wrigley Field, public transportation, employment centers, and a range of dining, shopping, and entertainment options.
Agency Execution for Stabilized Urban Multifamily
"Fannie Mae continues to provide an attractive execution for well-located multifamily assets with experienced sponsorship," Darby said in a statement. "We were pleased to help our client secure long-term financing for this exceptional Chicago property, positioning the asset for continued success while supporting the borrower's long-term investment strategy."
The transaction reflects continued availability of agency debt for stabilized multifamily properties in high-demand urban submarkets. Multifamily remains one of the stronger sectors within commercial real estate, and the 2026 outlook for the asset class is broadly positive as construction activity slows and vacancy rates are expected to gradually ease.
Renovation History Supports Underwriting
The more than $7 million in prior capital improvements at the Melrose Ave. property likely supported the underwriting and long-term debt placement. Older multifamily assets with documented renovation histories can be more straightforward to underwrite than properties requiring major repositioning, particularly when location strength and stable operations are part of the credit story.
Market Context
The deal fits a broader pattern of investors and lenders focusing on quality, renovation-driven multifamily assets as capital markets continue to normalize following a period of elevated interest rates and value repricing across commercial real estate. Agency lenders such as Fannie Mae have remained active for acquisitions of stabilized properties with experienced sponsorship, particularly in transit-oriented, amenity-rich urban locations.
Greystone is a commercial real estate finance company with a focus on multifamily and healthcare lending, including Fannie Mae, Freddie Mac, and FHA loan programs.