Greystone provided a Freddie Mac loan to refinance a 357-unit multifamily property located in Schaumburg, Illinois.
The financing was originated by Eric Rosenstock and Dan Sacks, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.
Greystone provided a $55.62 million five-year, interest-only Freddie Mac Optigo® loan. An additional $6 million in preferred equity funds were provided by 7Acres at closing, totaling $61.6 million for the transaction.
21 Kristen Apartments is a condo deconversion that the borrower acquired in 2022 and who has since invested over $2.5 million in capital expenditures. The property has 30% of its units reserved for residents at 30% to 80% Area Median Income (AMI). Located in the Chicago MSA submarket of Schaumburg, 21 Kristen is within a neighborhood boasting a mix of municipal/recreational, residential, retail, and office uses. The multifamily property comprises one-, two-, and three-bedroom units and includes community amenities such as a pool, fitness center, and library / meeting room.
