Greystone Provides $59M Refi for Chicago-Area Apartments

Bayshore Properties has landed a $58.6 million Freddie Mac-backed loan to refinance a multifamily asset in suburban Chicago, Commercial Observer has learned.

Greystone supplied the nonrecourse, fixed-rate loan through the Freddie Mac Workforce Preservation program for Bayshore’s Terraces of Elk Grove property in Elk Grove, Ill. 

Eric Rosenstock and Dan Sacks, senior managing directors at Greystone, originated the transaction that has a 10-year term, 35-year amortization with five years of interest-only payments.

Sacks said in a statement that the deal reflects the lender’s commitment to “facilitating transactions that enable multifamily investors to provide quality, affordable housing to families in and around Chicago.”

Located at 908 Ridge Square in Cook County,  about 23 miles northwest of Downtown Chicago, the garden-style Terraces of Elk Grove consists of nine buildings with one- and two-bedroom units. Thirty percent of the units in the 1968-built complex are designated for households earning less than 80 percent of the area median income (AMI), according to Greystone. 

Nikola Kozul, principal of Bayshore Properties, said in a statement that Greystone was an ideal fit for the loan due to “their extensive experience in multifamily lending” coupled with having a “deep understanding of affordable housing.”

Andrew Coen can be reached at acoen@commercialobserver.com