Greystone Provides $95M Financing for Chicago Multifamily Property
Bayshore Properties has landed $94.5 million in acquisition financing for a 586-unit multifamily property in Arlington Heights, Ill., Commercial Observer can first report.
Connor Group sold the asset for $131 million, while Greystone provided the Fannie Mae (FNMA) Delegated Underwriting and Servicing (DUS) loan with a team led by Dan Sacks and Eric Rosenstock.
The nonrecourse, fixed-rate Fannie Mae loan carries a 10-year term and amortization, with full-term interest-only payments and 9.5 years of yield maintenance, according to a release.
Located at 6512 Bridge Crossing Drive, Stonebridge Luxury Apartments in Arlington Heights is a garden-style apartment community consisting of six buildings that offer one- to three-bedroom and cottage units with monthly rents ranging from $1,000 to $2,100. The loan not only pays for the purchase but also enables the borrower to improve the complex.
“Arlington Heights has really strong metrics associated with the greater metropolitan statistical area,” said Rosenstock. “And the growth potential is huge. The Chicago Bears rumor makes it even that much more exciting.” Rumor has it that the Chicago Bears football team is negotiating to build a stadium in Arlington Heights.
“We keep coming back to Greystone because the team continues to outperform on every transaction with financing that addresses the particular needs of the properties in our portfolio,” Nick Kozul, chairman of Bayshore Properties, said in a prepared statement.
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.
