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 condominium building in Schaumburg, Ill., which it plans to convert to a rental property, Commercial Observer can first report.

The interest-only, 24- month bridge loan, provided by Greystone, will have two six-month extension options, which will allow Bayshore to purchase 21 Kristin Apartments while it tries to lock down permanent Fannie Mae (FNMA) financing.

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The mid-rise property has 140 one-, 195 two- and 22 three-bedroom condo units, which Bayshore plans to convert to rentals, according to Greystone.

Greystone’s Eric Rosenstock and Dan Sacks brokered the 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.” 

Update: This story originally misattributed source material. This has been corrected. We apologize for the error.