Greystone has provided a $89.226 million first loan and $5.57 million second loan to finance the acquisition of Crest Hill apartments, a multifamily property in Crest Hill, Illinois.
The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Bayshore Properties. Indiana-based Bayshore Properties paid $110 million for the complex.
The financing from Greystone includes a $89.226 million non-recourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization, as well as five years of interest-only payments. The second loan is a non-recourse, fixed-rate DUS Lender Affiliate mezzanine loan for $5.577 million, with a 10-year term and full-term interest-only payments.
Woodlands of Crest Hill is a garden-style apartment community constructed in 1969 that consists of 730 studio, one-bedroom and two-bedroom units located at 1615 Arbor Lane. “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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