**Greystone Finances Bayshore’s $110M Acquisition of Crest Hill Apartments**
Greystone has provided an $89.226 million first loan and a $5.57 million second loan to support the acquisition of Crest Hill Apartments, a multifamily community located in Crest Hill, Illinois.
The financing was arranged by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Bayshore Properties. The Indiana-based real estate firm acquired the property for $110 million.
The financial package from Greystone includes an $89.226 million non-recourse, fixed-rate Fannie Mae loan with a 10-year term, 30-year amortization, and five years of interest-only payments. In addition, a $5.577 million non-recourse, fixed-rate mezzanine loan was secured through a DUS Lender Affiliate, offering a 10-year term with full-term interest-only payments.
Woodlands of Crest Hill, the property in question, is a garden-style apartment complex built in 1969. Located at 1615 Arbor Lane, the community comprises 730 studio, one-bedroom, and two-bedroom units.
“Bayshore Properties is a best-in-class multifamily owner with a thoughtful, disciplined approach to growth,” said Rosenstock. “We were proud to structure a financing solution that supported their objectives while providing long-term certainty.”
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