Greystone Finances Bayshore’s $110M Acquisition of Suburban IL Apartments
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.”
Join us on the afternoon of Tuesday, June 2, 2026, at Joe’s Live in Rosemont, IL, for the Connect Midwest Multifamily Trends conference.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout