Bayshore Properties Nabs $57M in Acquisition Financing From Greystone
Bayshore Properties has secured $57 million in bridge financing for the acquisition of Terrace of Elk Grove Apartments, a 427-unit condominium in Elk Grove Village, Ill. Commercial Observer can first report.
The new owner converted the property away from individual condo units to apartments, which was originally developed as apartments in 1968, and secured permanent Fannie Mae (FNMA) financing, according to a release.
“Greystone continues to deliver flawless engagement. We have a strong relationship with the team, and they truly understand our needs,” said Nick Kozul, principal of Bayshore Properties, in Greystone’s press release.
Greystone originated the $57 million non-recourse bridge financing, which features a 24-month term with two six-month extension options, and is interest-only. The transaction was originated by Eric Rosenstock and Dan Sacks.
“We appreciate the trust Bayshore has in our expertise and for turning to us for their important projects,” Rosenstock said in the release.
It was first converted to condo in 2006 and all told has eight three-story buildings with amenities including a fitness center, a clubhouse, a game room, a business center, on-site management, courtyards, a swimming pool and common laundry rooms, according to the release.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
