Greystone Provides $60 Million in Acquisition Financing for 357-Unit Chicago Condo Deconversion
Greystone has provided $60,000,000 in bridge financing to acquire a 357-unit condo deconversion property in Schaumburg, Illinois. The financing was originated by Eric Rosenstock and Dan Sacks, Co-Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties, a longtime client.
Constructed in 1980, 21 Kristin Apartments in Cook County is a mid-rise building consisting of 140 one-, 195 two- and 22 three-bedroom units. The $60 million interest-only bridge loan carries a 24-month term with two six-month extension options, enabling the borrower to acquire the property while Greystone works to secure to permanent, Fannie Mae financing.
“There is no greater thank you than when clients come back to us repeatedly for their multifamily financing needs,” said Mr. Rosenstock. “We’re committed to helping clients find solutions through our comprehensive lending platform, and our bridge program in particular is a great fit for those who are waiting for permanent financing.”
“We keep choosing Eric Rosenstock and Dan Sacks of Greystone because they are the leaders in multifamily finance and they understand what we hope to achieve with each of our properties,” said Mr. Nick Kozul, CEO of the Bayshore Properties. “Through various market cycles, Greystone has worked tirelessly on our behalf -- raising the bar on excellence in service and execution on every transaction.”