BWE Provides $8.3 Million Fannie Mae Loan for Affordable Brookstone Apartments in Waukegan, Illinois

by Channing Hamilton

WAUKEGAN, ILL. — BWE has provided a $8.3 million fixed-rate Fannie Mae MAH loan for Brookstone Apartments, a 168-unit affordable housing complex in Waukegan, 36 miles north of Chicago. Adam Gould of BWE’s Detroit office originated the loan, which features a 10-year term with 36 months of interest-only payments and a 30-year amortization.

Brookstone Apartments was built in 1986. The unit mix includes 92 one-bedroom and 76 two-bedroom units. Fifty units are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are available to tenants earning below 60 percent of AMI.

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