CLK Properties just locked in a hefty refinancing for Courtlands on the Park in Des Plaines, securing $115 million in Freddie Mac-backed debt for the sprawling rental complex the firm previously converted from condominiums. The fresh agency loan replaces earlier bridge financing and gives the owner a multi-year stretch of interest-only payments before principal kicks back in. It is the kind of big-ticket, suburban garden-style deal that had been on pause for a while as agency lenders pulled back, and now appears to be creeping back into favor.
Loan terms and lender
Greystone arranged a five-year Freddie Mac loan that comes with three years of interest-only payments followed by a 30-year amortization schedule, according to the lender. Eric Rosenstock, Greystone’s senior managing director, originated the financing on behalf of CLK Properties and described the $115,000,000 non-recourse note as a long-term solution that also lets the owner unlock some of the property’s built-up equity. The new debt pays off the bridge loan CLK used to acquire the asset in 2019, per a release from Greystone.
About the property
Courtlands on the Park is located in Des Plaines, about 22 miles northwest of downtown Chicago, and spans more than 33 acres with 153 residential buildings. The community totals roughly 918 units in a mix of one- and two-bedroom floorplans ranging from about 450 to 950 square feet. The property includes upgraded common areas and more than 1,160 parking spaces. As reported by Multi‑Housing News, CLK converted the complex from condominiums to rentals between 2021 and 2023 in what the outlet described as the largest condo deconversion in U.S. history.
Why the deal matters for Chicago investors
The refinancing gives CLK room to breathe, with lower near-term debt service and time to stabilize operations and pursue any additional renovations without the pressure of an expiring bridge loan. Data from Yardi Matrix show that the Chicago multifamily market saw stronger sales activity and rising price-per-unit in 2025, trends that have helped agency lenders return to larger takeout loans. For suburban owners of garden-style portfolios, that renewed access to Freddie Mac and Fannie Mae programs can translate into lower long-term borrowing costs and more flexibility in how they structure their capital stacks.
