Greystone announced it has provided $32,567,000 in Freddie Mac financing, for the acquisition of Aspen Ridge Apartments, a 253-unit multifamily property located in West Chicago, Illinois. The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Bayshore Properties.
Additionally, Mandelbaum & Associates, Inc. provided Bayshore Properties with a $5,500,000 preferred equity check to help support the acquisition.
The community consists of 253 units across multiple residential buildings and offers a range of amenities, including a clubhouse, fitness center, swimming pool, and outdoor recreational spaces. Originally constructed in 1967, the property has undergone significant capital improvements in recent years, enhancing both unit interiors and common areas.
Greystone structured the financing with a Freddie Mac conventional loan that was paired with preferred equity to facilitate the borrower’s acquisition of the asset. The Freddie Mac financing carries a 10-year term with five years of interest-only payments, followed by a 30-year amortization schedule.
“Aspen Ridge represents a well-maintained asset with strong in-place operations and meaningful upside through continued management and operational efficiencies,” said Mr. Rosenstock. “We are pleased to deliver a comprehensive capital solution that enables our client to execute their acquisition strategy while positioning the property for long-term success.”
“Greystone’s deep understanding of our strategy enabled a smooth and efficient acquisition,” said Nick Kozul, President of Bayshore Properties. “Aspen Ridge is a strong asset with solid fundamentals and value-add potential, and this structure positions us well to enhance the community and drive long-term performance.”
“We have a great working relationship with both Bayshore Properties and Greystone. Aspen Ridge Apartments is well positioned in Bayshore’s portfolio of assets,” said Jessica Mandelbaum, Managing Director of Mandelbaum & Associates.