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Greystone Provides Bridge Loan for Schaumburg Deconversion Deal
Greystone provided $60,000,000 in bridge financing to acquire 21 Kristin Apartments, a 357-unit condo deconversion property in Schaumburg, IL. The financing was originated by Eric Rosenstock and Dan Sacks, co-managing directors in Greystone’s New York office, on behalf of longtime client Bayshore Properties.
Constructed in 1980, 21 Kristin 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 permanent Fannie Mae financing.
“There is no greater thank you than when clients come back to us repeatedly for their multifamily financing needs,” said 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.”
- ◦Sale/Acquisition
- ◦Financing
