Greystone has provided $60,000,000 in bridge financing to acquire a 357-unit condo deconversion property in Schaumburg, Illinois. 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.
