Greystone Provides $60M in Acquisition Financing for Chicago Condo Deconversion

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Bayshore Properties has landed $60 million in bridge financing to acquire a 357-unit condo deconversion property in Schaumburg, Ill., Commercial Observer can first report. 

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

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Constructed in 1980, 21 Kristin Apartments in Cook County is a mid-rise building consisting of 140 one-, 195 two- and 22 three-bedroom units. The $60 million interest-only bridge loan carries a 24-month term with two six-month extension options, enabling the borrower to acquire the property while Greystone works to secure a permanent Fannie Mae financing.  

“There is no greater thank you than when clients come back to us repeatedly for their multifamily financing needs,” Rosenstock said in a prepared remark. “We’re committed to helping clients find solutions through our comprehensive lending platform, and our bridge program in particular is a great fit for those who are waiting for permanent financing.” 

“We keep choosing Eric Rosenstock and Dan Sacks of Greystone because they are the leaders in multifamily finance and they understand what we hope to achieve with each of our properties,” said Nick Kozul, ceo of Bayshore Properties, in a statement. “Through various market cycles, Greystone has worked tirelessly on our behalf — raising the bar on excellence in service and execution on every transaction.”  

Emily Fu can be reached at efu@commercialobserver.com.