Greystone Lends $56M to Refi Chicago-Area Apartments

Bayshore Properties has sealed a $61.6 million package to refinance a multifamily complex in suburban Chicago, Commercial Observer can first report.

Greystone supplied the $55.6 million, five-year interest-only Freddie Mac-backed loan on  Bayshore’s 357-unit 21 Kristin Apartments in Schaumburg, Ill. Bayshore also received $6 million of preferred equity funds from 7Acres as part of the transaction. 

Eric Rosenstock and Dan Sacks, senior managing directors at Greystone, originated the loan. 

“This recent refinance, which is a takeout of previous Greystone debt, helps set the property up for success as we move toward the next CRE market cycle,” Rosenstock said in a statement. 

Nick Kozul, principal of Bayshore Properties, said in a statement he values the company’s “collaboration” with Greystone, which has provided a number of other deals on behalf of the sponsor, including a $60 million bridge loan in 2022 toward its purchase of the property. 

 Located at 21 Kristin Drive 30 miles northwest of Downtown Chicago, the property was previously condos before Bayshore acquired it in 2022 and invested more than $2.5 million of capital expenses to convert it to apartments. Thirty percent of the units are designated as affordable housing for those earning 30 percent to 80 percent area median income. Community amenities include a pool, fitness center and library. 

Andrew Coen can be reached at acoen@commercialobserver.com