3
SCHAUMBURG, ILL. — Bayshore Properties has received $61.6 million for the refinancing of 21 Kristen Apartments in the Chicago suburb of Schaumburg. The 357-unit multifamily property is a condo deconversion that Bayshore acquired in 2022 and has since invested over $2.5 million in capital expenditures. Of the total units, 30 percent are reserved for residents who earn 30 to 80 percent of the area median income. Amenities include a pool, fitness center and library/meeting room. Greystone provided a $55.6 million Freddie Mac loan with a five-year term, and 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing.