Greystone Provides $33M Financing to Bayshore Properties for Chicago MF Acquisition

Greystone Provides $33M Financing to Bayshore Properties for Chicago MF Acquisition
News| April 1, 2026| Jasmine Kilman
Chicago & Midwest + Apartment Buildings

Greystone has provided $32.56 million in Freddie Mac financing for the acquisition of Aspen Ridge Apartments, a 253-unit multifamily property located in West Chicago, Illinois. The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Bayshore Properties.

Additionally, Mandelbaum & Associates, Inc. provided Bayshore Properties with a $5.5 million preferred equity check to help support the acquisition. The community features 253 units across multiple buildings and offers a range of amenities, including a clubhouse, fitness center, swimming pool, and outdoor recreational spaces. Originally constructed in 1967, the property has undergone significant capital improvements in recent years, enhancing both unit interiors and common areas.

Greystone structured the financing with a Freddie Mac conventional loan, paired with preferred equity, to facilitate the borrower’s acquisition of the asset. The Freddie Mac financing carries a 10-year term with five years of interest-only payments, followed by a 30-year amortization schedule.

Join us on Tuesday afternoon, June 2, 2026, at the Connect Midwest Multifamily Trends Conference as JDL Founder, Jim Leitchinger, is honored with the Changing Skyline Award, followed by an exclusive Keynote Interview. This is a rare opportunity to hear firsthand insights from one of the region’s most influential visionaries in multifamily development.

Other News

RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community

Atlanta & Southeast + Apartment Buildings

An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...

Learn more

Pasadena Offices Sell for Residential Conversion

California & West + Apartment Buildings

NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...

Learn more

Berkadia Negotiates Student Housing Property Sale in Kansas

Chicago & Midwest + Student Housing

Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up