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Chicago & Midwest  + Greater Chicagoland  + Finance  | 
Greystone porivded a $60-million bridge loan to acquire 21 Kristin Apartments in Schaumburg, Illinois

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.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing
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