Greystone Lends $103M on Purchase of Suburban Chicago Apartment Asset

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Bayshore Properties has landed $102.7 million of acquisition financing to purchase a 752-unit multifamily property in suburban Chicago near O’Hare International Airport, Commercial Observer has learned.

Greystone supplied two Fannie Mae-backed loans for Bayshore’s purchase of Park Ridge Commons in Des Plaines, Ill. The debt package includes a $95.9 million non-recourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization along with three years of interest-only payments. The second loan consists of a non-recourse, fixed-rate Delegated Underwriting and Servicing Lender Affiliate mezzanine 10-year loan for $6.8 million with full-term interest-only payments.

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The transaction was originated by Dan Sacks and Eric Rosenstock, managing directors in Greystone’s New York City office.

The loans were provided under Fannie Mae’s Green Rewards program since the borrower is committed to making energy and water usage upgrades to the property, according to Greystone. 

“Our number one goal in every transaction is to exceed our clients’ expectations by delivering the best financing options for them in every market,” Sacks said in a statement. 

Located at 9030 Kennedy Drive, seven miles from O’Hare International Airport, the 1965-built property is a 48-building garden-style apartment community comprised of one- and two-bedroom units. Its amenities include a clubhouse with fitness center, pool and outdoor sports courts. 

Bayshore also received a $44 million bridge loan from Greystone last November for its acquisition of Hidden Creek Apartments in Crown Point, Ind. 

Nick Kozul, principal of Bayshore, said Greystone has facilitated a number of its deals because of its “deep expertise” with multifamily loans. 

“They secure the most optimal financing terms for our capital needs for every property in our portfolio,” Kozul said. 

Andrew Coen can be reached at acoen@commercialobserver.com