Greystone announced it has provided a Freddie Mac loan to refinance a 357-unit multifamily property located in Schaumburg, IL. The financing was originated by Eric Rosenstock and Dan Sacks, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.
Greystone provided a $55,620,000 five-year, interest-only Freddie Mac Optigo® loan. An additional $6,000,000 in preferred equity funds were provided by 7Acres at closing, totaling $61.6 million for the transaction.
21 Kristen Apartments is a condo deconversion that the borrower acquired in 2022 and who has since invested over $2.5 million in capital expenditures. The property has 30% of its units reserved for residents at 30% to 80% Area Median Income (AMI). Located in the Chicago MSA submarket of Schaumburg, 21 Kristen is within a neighborhood boasting a mix of municipal/recreational, residential, retail, and office uses. The multifamily property comprises one-, two-, and three-bedroom units and includes community amenities such as a pool, fitness center, and library / meeting room.
“Greystone is a highly reliable lender with an excellent suite of options for borrowers,” said Mr. Nick Kozul, principal, Bayshore Properties. “The Greystone team is beyond dedicated to exceeding expectations and we value our collaboration.” “It’s been an honor to work with Bayshore Properties over the years and help their portfolio grow in size and strength,” said Mr. Rosenstock. “This recent refinance, which is a take-out of previous Greystone debt, helps set the property up for success as we move toward the next CRE market cycle.”