Greystone Lends $44M on Purchase of Multifamily Property in Chicago Suburbs
Bayshore Properties has secured $44 million of Fannie Mae 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.
“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 first mortgage, a $40.8 million nonrecourse Fannie Mae loan, carries a 10-year term and 30-year amortization along with six years of interest-only payments. According to a release, Greystone also secured a $3.4 million Fannie Mae mezzanine financing on the property, which includes a 10-year term and full-term, interest-only payments.
“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.”
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