Bayshore Properties Secures $38.07 Million Loan For 253-Unit Aspen Ridge Apartments In West Chicago

The asset involved in this transaction is a 253-unit multifamily property located at 1440 South Neltnor Boulevard in West Chicago. The property, known as Aspen Ridge Apartments, was built in 1967 and has recently undergone capital improvements. It features amenities such as a clubhouse, fitness center, pool, and outdoor spaces, with a loan amount of $38,070,000 for its acquisition.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $38,070,000
• Loan Type: Acquisition
• Loan Terms: 10-year term with five years of interest-only payments, followed by a 30-year amortization schedule
• Lender: Eric Rosenstock - Greystone; Jessica Mandelbaum - Mandelbaum & Associates
• Landlord: Nick Kozul - Bayshore Properties
• Freddie Mac financing amount: $32.57M
• Preferred equity investment: $5.5M from Mandelbaum & Associates, Inc.

Key individuals in the transaction include Eric Rosenstock from Greystone and Jessica Mandelbaum from Mandelbaum & Associates, both of whom played significant roles in financing the acquisition. The landlord, Nick Kozul, represents Bayshore Properties in the deal, securing the assets for their portfolio through strategic financial arrangements.