Greystone Provides $57.1M Acquisition Loan for Suburban Chicago Condo Deconversion

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Greystone has provided a $57.1 million loan for the acquisition of Terrace of Elk Grove Apartments in Elk Grove Village. The buyer, Bayshore Properties, is converting the 427-unit property from condos into apartments. The complex, originally built as a rental apartment property in 1968, consists of eight three-story buildings. Amenities include a pool, clubhouse, fitness center, game room, business center, laundry facilities, courtyards and onsite management.

Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse bridge loan, which features a 24-month term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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