Bayshore Properties Secures $58.6M Refinance Loan For 492-Unit Terraces Of Elk Grove

The asset involved in this transaction is a multifamily property located at 908 Ridge Square in Elk Grove Village, comprising 492 units. The property was refinanced for a total loan amount of $58,600,000 under a 10-year fixed-rate loan with a 35-year amortization and five years of interest-only payments. The loan is backed by Freddie Mac, which includes provision for reserving 30% of the units for households earning below 80% of AMI.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $58,600,000
• Lender: Eric Rosenstock & Dan Sacks - Greystone
• Landlord: Nick Kozul - Bayshore Properties
• Loan Type: Refinance
• Loan Terms: 10-year, 35-year amortization with five years of interest-only payments

Key individuals in this transaction include Eric Rosenstock and Dan Sacks, who represented Greystone as the lenders in this refinance deal. Nick Kozul serves as the landlord representing Bayshore Properties, which secured the financing for the multifamily property, the Terraces of Elk Grove.