Greystone has provided $57,165,000 in bridge financing for the acquisition of Terrace of Elk Grove Apartments, a 427-unit condominium property in Elk Grove Village, Illinois. The transaction was originated by Greystone Managing Directors Eric Rosenstock and Dan Sacks on behalf of Bayshore Properties.
The $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 move toward Fannie Mae permanent financing.
Originally developed as a rental apartment complex in 1968, the property consists of eight three-story buildings with amenities including a clubhouse, fitness center, game room, business center, common laundry facilities, on-site management, courtyards and a swimming pool. Terrace of Elk Grove Apartments was converted to condominium units in 2006.