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Greystone Provides $60M Bridge Loan For Schaumburg Condo Development

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FINANCED
$60,000,000
Dan Sacks
Eric Rosenstock

Illinois

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Condo1,016 SF
Financed 07/20/2022
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Property Image
FINANCED

Greystone Provides $60M Bridge Loan For Schaumburg Condo Development

21 Kristin Drive

See Similar Deals
Condo1,016 SF
Financed 07/20/2022
Dan Sacks
Eric Rosenstock
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Condo
Price Per Square Foot:$59,055
Total Square Footage:1,016 SF
Transaction Type:Loan

The condo located at 21 Kristin Dr in Schaumburg has recently been involved in a closed property transaction. The property is a condominium with a total of 357 units.

Summary of transaction details

  • Property Type: Condo
  • Transaction Amount: $60,000,000
  • Loan Type: Bridge Loan
  • Loan Terms: The interest-only bridge loan carries a 24-month term with two six-month extension options
  • Lender: greystone'>Greystone - Eric Rosenstock & Dan Sacks
  • Landlord: Bayshore Properties - Nick Kozul

The key individuals involved in this deal include Eric Rosenstock and Dan Sacks from Greystone, who served as the lenders for the transaction. Nick Kozul from Bayshore Properties acted as the landlord. The loan amount for this transaction was $60,000,000, and it was a bridge loan with interest-only payments. The loan has a 24-month term and provides the option to extend for two six-month periods.

Players

Greystone
Greystone
BROKERAGE
Eric Rosenstock
Greystone
Eric Rosenstock
21 deals$1.4B volume
LENDER
Dan Sacks
Greystone
Dan Sacks
13 deals$695.4M volume
LENDER
Greystone
Greystone
LENDER

Details

FINANCED
IMAGE: Dan Sacks & Eric Rosenstock DATE: 07/20/2022 ADDRESS: 21 Kristin Dr MARKET: Schaumburg ASSET TYPE: Condo ~ UNITS: 357 LENDER: Greystone - Eric Rosenstock & Dan Sacks LANDLORD: Bayshore Properties (@BayshoreProperties_) - Nick Kozul LOAN AMOUNT: $60,000,000 LOAN TYPE: Bridge Loan LOAN TERMS: interest-only bridge loan carries a 24-month term with two six-month extension options

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$60,000,000.00

Monthly NOI$400,000.00
Monthly Debt Service$379,240.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00