Greystone Provides $60 Million in Acquisition Financing for 357-Unit Chicago Midrise Condo Conversion Project in Schaumburg, Illinois
NEW YORK, NY – Greystone, a leading national commercial real estate finance company, has provided bridge financing of $60,000,000 to acquire a 357-unit condo conversion property in Schaumburg, Illinois. The financing was initiated by Eric Rosenstock and Dan Sacks, joint managing directors of Greystone’s New York office, on behalf of long-time client Bayshore Properties.
Built in 1980, 21 Kristin Apartments in Cook County is a mid-rise building with 140 one-, 195 two-, and 22 three-bedroom units. The $60 million interest-only bridge loan has a 24-month term with two six-month extension options, allowing the borrower to acquire the property while Greystone strives to obtain permanent funding from Fannie Mae.
“There’s no greater thank you than when customers come back to us again and again for their multifamily financing needs,” Rosenstock said. “We are committed to helping our clients find solutions through our comprehensive lending platform, and our bridging program in particular is ideal for those expecting permanent funding. »
“We continue to choose Eric Rosenstock and Dan Sacks of Greystone because they are leaders in multi-family financing and understand what we hope to achieve with each of our properties,” said Mr. Nick Kozul, CEO of Bayshore Properties. . “Through various market cycles, Greystone has worked tirelessly on our behalf, raising the bar for excellence in service and execution of every transaction.”
About Greystone: Greystone is a national, privately-held commercial real estate finance company with an established reputation as a leader in multi-family and healthcare financing, having been ranked as an FHA, Fannie Mae and Freddie Top Lender Mac in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com