Greystone, a leading national commercial real estate finance company, has provided a $94,451,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the $131 million acquisition of a 586-unit multifamily property in Arlington Heights, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties.

Constructed in 1973, Stonebridge Luxury Apartments in Arlington Heights is a garden-style apartment community consisting of six buildings that offer one- and two-bedroom units. The $94,451,000 non-recourse, fixed-rate Fannie Mae loan carries a 10-year term and amortization, with full-term interest-only payments and 9.5 years of yield maintenance. In addition to the acquisition, loan proceeds enable the borrower to make improvements to the property.

“We truly appreciate when clients repeatedly rely on Greystone and our deep resources for the multifamily properties in their portfolios,” said Dan Sacks. “We work tirelessly to earn our clients’ trust by leveraging our extensive financing platform to secure the right solutions and deliver an exceptional service experience on every transaction.”

“We keep coming back to Greystone because the team continues to outperform on every transaction with financing that addresses the particular needs of the properties in our portfolio,” said Mr. Nick Kozul, Chairman of Bayshore Properties, a repeat client of Greystone. “Greystone is a team with multifamily expertise that is simply unparalleled in this industry.”

 

Greystone, a leading national commercial real estate finance company, 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.”  

Greystone, a leading national commercial real estate finance company, has provided a total of $44,200,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) senior proceeds and mezzanine proceeds for the $49,500,000 acquisition of a 344-unit multifamily property in Mount Prospect, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors at Greystone, on behalf of Bayshore Properties, a longtime client of the firm. 

Constructed in 1973, Mount Prospect Greens Apartments consists of 14 garden-style buildings with one-, two- and three-bedroom units. The first mortgage, a $40,788,000 non-recourse Fannie Mae loan, carries a 10-year term and 30-year amortization along with six years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversation measures.

Greystone also secured for the borrower a $3,412,000 Fannie Mae DUS Lender Affiliate (DLA) mezzanine financing on the property, which includes a 10-year term that is co-terminus with the first mortgage and full-term interest only payments.

“We consider it an honor to serve clients again and again – we view every transaction as an opportunity to provide an even higher quality experience than the last,” said Mr. Sacks. “Clients trust Greystone not only because of our extensive multifamily lending platform or our deep expertise – our demonstrated commitment to executing on their vision is what brings them back.”

“Greystone is the leader in multifamily finance and the partner we lean on for helping us grow our portfolio of properties,” said Mr. Nick Kozul, CEO of Bayshore Properties. “They understand our vision and work tirelessly for us on every transaction, with service and execution standards that no one else can touch.” 

 

 

Greystone, a leading national commercial real estate finance company, has provided a total of $102,686,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans for the acquisition of a 752-unit multifamily property in Des Plaines, Illinois. The transaction was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties, a long-time client.

 

 

The financing includes a $95,870,000 non-recourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization, as well as three years of interest-only payments. The second loan is a non-recourse, fixed-rate DUS Lender Affiliate (DLA) mezzanine loan for $6,816,000 with a 10-year term and full-term interest-only payments. Greystone was able to leverage Fannie Mae’s Green Rewards program for the financing, as the borrower is committed to making energy and water usage upgrades to the property.

 

 

Park Ridge Commons, located in Cook County, is a 48-building garden style apartment community constructed in 1965 that consists of 752 one-bedroom and two-bedroom units, as well as a clubhouse with fitness center, pool and outdoor sports courts. The property is located near O’Hare International Airport and is easily accessible to Chicago from Interstates 90 and 294.

 

 

“We keep coming back to Greystone because of their deep expertise in multifamily and the local market – they secure the most optimal financing terms for our capital needs for every property in our portfolio,” said Nick Kozul, principal of Bayshore Properties. “The process couldn’t be smoother or more seamless, which is why we trust Greystone with our most important transactions.”

 

 

“Our number one goal in every transaction is to exceed our clients’ expectations by delivering the best financing options for them in every market,” said Mr. Sacks. “We know our clients have a choice and work hard to earn our clients’ trust on every project – and there is no greater thank you than when they choose to come back to Greystone for their next deal.”

 

Greystone, a leading national commercial real estate finance company, has provided a $44,000,000 bridge loan for the acquisition of Hidden Creek Apartments, a 432-unit multifamily property in Crown Point, Indiana. The transaction was originated by Eric Rosenstock and Dan Sacks, Co-Managing Directors at Greystone on behalf of Bayshore Properties.

The non-recourse bridge loan from Greystone features a 24-month term with two six-month extension options and is interest-only. Upon further stabilization, Greystone intends to transition the property to permanent HUD-insured financing. Constructed in 1976 and rehabbed in 2006, Hidden Creek Apartments is a garden-style community comprised of 12, three-story residential buildings and one leasing office / club house. The property’s amenities include a swimming pool, fitness center, children’s play set, banquet room, tennis courts, and lounge.

“The Bayshore Properties team has a knack for improving the quality and value of mid-to-late century multifamily communities in order to increase their longevity as quality rental units,” said Mr. Rosenstock. “Greystone’s bridge lending solution is a perfect fit for them, and we look forward to taking the next step in securing permanent financing with a HUD-insured loan to set the property up for success for the long-term.” 

"Eric and Dan’s team have been guiding us for years on how to optimize our real estate portfolio and unlock the value of our holdings, enabling us to grow and expand," said Nick Kozul, principal of Bayshore. "We are so thrilled with this latest financing outcome and look forward to continuing our work together."

 

 

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $27.6 million Freddie Mac loan for the acquisition of a multifamily property in Hammond, Indiana. The transaction was originated by Dan Sacks and Eric Rosenstock, both Managing Directors at Greystone, on behalf of Bayshore Properties.

 

 

The conventional Freddie Mac Capital Markets Execution (CME) Green Up acquisition loan for Tanglewood Apartments carries a 10-year term and 30-year amortization, with the first two years of interest-only payments. Tanglewood is a 384-unit Class-B multifamily property acquired for $33.5 million, and is located in the Gary metropolitan statistical area (MSA) in Northwest Indiana. The property consists of 16 three-story buildings spread across nearly 20 acres, with amenities including clubhouse, pool, sauna, fitness center, picnic areas and detached garages.

 

 

“Given the current market conditions, higher debt leverage such as on this transaction – at nearly 80% -- is harder to achieve,” said Mr. Rosenstock. “We worked closely with Freddie Mac’s team and the borrower to get everyone comfortable with the strong underwriting presented, available liquidity and necessary reserves.”

 

 

“Overall, with the Freddie Mac Green Up improvements planned to be made, the property will ultimately be more efficient and provide savings to the tenants,” added Mr. Nick Kozul, principal, Bayshore Properties. ‘We are grateful to the Greystone team for their commitment to getting this done during a pandemic, and achieving a great result for us.”