Greystone has provided acquisition financing for Aspen Ridge Apartments, a 253-unit multifamily community in West Chicago, Illinois, on behalf of Bayshore Properties. The lender arranged $32.56 million in Freddie Mac financing for Bayshore’s purchase of the property. The loan was originated by Eric Rosenstock, Senior Managing Director at Greystone, with the capital stack further supported by preferred equity.
In addition to the agency loan, Mandelbaum & Associates, Inc. supplied a $5.5 million preferred equity investment to Bayshore Properties to help fund the acquisition. The combination of Freddie Mac debt and preferred equity was structured to facilitate the buyer’s purchase of the asset and provide a layered capital solution for the transaction.
Aspen Ridge Apartments is a garden-style multifamily community consisting of 253 units across multiple residential buildings. The property offers a range of resident amenities, including a clubhouse, fitness center, swimming pool, and outdoor recreational areas. Originally constructed in 1967, the community has seen significant capital improvements in recent years, with upgrades reported to both unit interiors and shared common spaces.
Greystone structured the financing as a Freddie Mac conventional loan paired with the preferred equity contribution. The agency loan carries a 10-year term and includes five years of interest-only payments before converting to a 30-year amortization schedule. The structure is designed to support the new owner’s business plan while providing long-term, fixed-structure debt on the asset.
Bayshore Properties is the acquiring party in the transaction, while Greystone serves as the lender and capital structuring partner for the debt portion of the deal. Mandelbaum & Associates, Inc. participates as a preferred equity investor, providing additional capital alongside the Freddie Mac mortgage. Further financial details, including the acquisition price, valuation metrics, and specific loan pricing, were not disclosed.
The transaction underscores the continued availability of agency financing for stabilized multifamily properties in suburban Chicago locations, particularly when paired with structured equity components. With a mix of long-term Freddie Mac debt and preferred equity, the Aspen Ridge Apartments acquisition demonstrates how buyers are assembling layered capital stacks to complete multifamily transactions in the current market environment.
