Greystone has provided a $89,226,000 first loan and $5,577,000 second loan to finance the acquisition of Crest Hill apartments, a multifamily property in Crest Hill, Illinois. The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Bayshore Properties, a long-time client.
The financing includes a $89,226,000 non-recourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization, as well as five years of interest-only payments. The second loan is a non-recourse, fixed-rate DUS Lender Affiliate (DLA) mezzanine loan for $5,577,000 with a 10-year term and full-term interest-only payments.
Woodlands of Crest Hill, located in Will County, is a garden style apartment community constructed in 1969 that consists of 730 studio, one-bedroom and two-bedroom units, as well as a clubhouse with fitness center, business center, swimming pool with sundeck and outdoor volleyball courts.
“This financing was a great example of what’s possible when experience, execution, and market knowledge align,” said Nick Kozul, Principal of Bayshore Properties. “Greystone brought a clear strategy to the table, moved quickly, and delivered terms that fit our long-term business plan perfectly. We value our relationship with Greystone, as they understand our portfolio and can execute without friction, and this transaction checked every box.”
“Bayshore Properties is a best-in-class multifamily owner with a thoughtful, disciplined approach to growth,” said Mr. Rosenstock. “We were proud to structure a financing solution that supported their objectives while providing long-term certainty. Transactions like this reflect the strength of our relationship and our commitment to delivering smart, dependable capital in a variety of markets.”