Greystone has provided $57,165,000 in bridge financing for the acquisition of Terrace of Elk Grove Apartments, a 427-unit condominium property in Elk Grove Village, Illinois. The transaction was originated by Eric Rosenstock and Dan Sacks, Managing Directors at Greystone on behalf of Bayshore Properties.
The $57 million in non-recourse bridge financing from Greystone features a 24-month term with two six-month extension options and is interest-only. The new owner has converted the property from individual condominium units back to a single apartment complex and move toward Fannie Mae permanent financing.
Originally developed as a rental apartment complex in 1968, the property consists of eight three-story buildings with amenities including a clubhouse, fitness center, game room, business center, common laundry facilities, on-site management, courtyards and a swimming pool. Terrace of Elk Grove Apartments was converted to condominium units in 2006.
“Greystone continues to deliver flawless engagement. We have a strong relationship with the team, and they truly understand our needs,” said Nick Kozul, principal of Bayshore Properties. “We appreciate their consistent commitment to us and to helping us finance several of our transactions.”
“We appreciate the trust Bayshore has in our expertise and for turning to us for their important projects,” said Mr. Rosenstock. “We strive to be a true partner and to really work side-by-side with our clients like Bayshore, so we can help them realize their vision and further their success.”