Greystone Provides $57M in Acquisition Financing for Chicago Condo Deconversion
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 has converted the property from individual condo units back to a single apartment complex and moved toward Fannie Mae permanent financing.
“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.
Originally developed as a rental apartment complex in 1968, the property consists of eight three-story buildings with amenities including clubhouse, fitness center, game room, business center, common laundry facilities, on-site management, courtyards and swimming pool. Terrace of Elk Grove Apartments was converted to condo units in 2006.
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