Greystone in North Suburban Chicago Bridge Finance Deal

 Commercial real estate financier Greystone has provided $57.165 million in bridge financing for the acquisition of Terrace of Elk Grove Apartments, a 427-unit condominium property in Elk Grove Village, IL. 

The transaction was originated by Eric Rosenstock and Dan Sacks, Managing Directors at Greystone on behalf of Bayshore Properties.

The more than $57 million in non-recourse bridge financing from Greystone features a 24-month term with two six-month extension options and is interest-only. The new owner has converted the property from individual condominium units back to a single apartment complex and plans on moving toward Fannie Mae permanent financing.

“Greystone continues to deliver flawless engagement. We have a strong relationship with the team, and they truly understand our needs,” said Nick Kozul, principal of Bayshore Properties. “We appreciate their consistent commitment to us and to helping us finance several of our transactions.”