Greystone Lends $95M for Illinois Apartments Purchase
By Andrew Coen February 6, 2026 1:44 pm
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Bayshore Properties has sealed $94.9 million of agency debt to acquire a multifamily property in suburban Chicago, Commercial Observer has learned.
Greystone provided the 10-year, fixed-rate $89.3 million nonrecourse, Fannie Mae-backed loan with a 30-year amortization for Bayshore’s acquisition of Woodlands of Crest Hill Apartments in Crest Hill, Ill. Bayshore also secured a separate 10-year interest-only $5.6 million non-recourse loan from Greystone backed by Fannie Mae’s DUS Lender Affiliate Mezzanine program.
Bayshore purchased the 730-unit garden-style apartment community from Osso Capital for $110 million, The Real Deal previously reported, citing property records.
Eric Rosenstock, senior managing director at Greystone, who originated the financing, said in a statement that the deal was structured so that it “supported their objectives while providing long-term certainty.”
Located at 1615 Arbor Lane 39 miles southwest of Downtown Chicago, Woodlands of Crest Hill Apartments consists of studio, one-bedroom and two-bedroom units. Community amenities include a clubhouse, a fitness center, a swimming pool with sundeck, and outdoor volleyball courts.
Nick Kozul, principal of Bayshore Properties, said in a statement that the loan “delivered terms that fit our long-term business plan.”
Andrew Coen can be reached at acoen@commercialobserver.com.
