Greystone’s $44 Million Loan Fuels Suburban Chicago Multifamily Deal

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Bayshore Properties has secured $44 million of Fannie Mae (FNMA) senior and mezzanine financing for its $49.5 million acquisition of a 344-unit multifamily property in Mount Prospect, Ill., Commercial Observer can first report.

Greystone provided the financing with a team led by Dan Sacks and Eric Rosenstock. 

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“We consider it an honor to serve clients again and again – we view every transaction as an opportunity to provide an even higher quality experience than the last,” said Sacks in a prepared remark. 

Located at 2000 West Algonquin Road, Mount Prospect Greens Apartments was constructed in 1973 and consists of 14 garden-style buildings with one-, two- and three-bedroom units. 

The $40.8 million, 10-year first mortgage is a Fannie Mae nonrecourse loan with a 30-year amortization and six years of interest-only payments. Greystone also got $3.4 million in mezzanine financing over 10 years with full-term, interest-only payments via Fannie Mae, according to a release. 

“Greystone is the leader in multifamily finance and the partner we lean on for helping us grow our portfolio of properties,” said Nick Kozul, CEO of Bayshore Properties. “They understand our vision and work tirelessly for us on every transaction, with service and execution standards that no one else can touch.” 

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.