Greystone Provides $32.5M in Freddie Mac Financing for Aspen Ridge Apartments Acquisition

Bayshore Properties taps Greystone's expertise to facilitate purchase of 253-unit West Chicago multifamily property.

Mar. 31, 2026 at 3:08pm

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A high-end, photorealistic studio still-life photograph featuring a stack of property documents, a house-shaped paperweight, and a pen on a clean, monochromatic background, conceptually representing the abstract concepts of real estate transactions, financing, and property management.A sophisticated financial transaction enables the strategic acquisition of a well-positioned multifamily asset.West Chicago Today

Greystone, a leading national commercial real estate finance company, announced it has provided $32,567,000 in Freddie Mac financing for Bayshore Properties' acquisition of Aspen Ridge Apartments, a 253-unit multifamily property located in West Chicago, Illinois. The financing was structured with a Freddie Mac conventional loan paired with preferred equity from Mandelbaum & Associates to support the borrower's purchase of the asset.

Why it matters

The Aspen Ridge Apartments acquisition represents Bayshore Properties' continued expansion in the Midwest market, leveraging Greystone's expertise in multifamily finance to secure a comprehensive capital solution. The property's strong fundamentals and value-add potential align with Bayshore's investment strategy.

The details

The Freddie Mac financing carries a 10-year term with five years of interest-only payments, followed by a 30-year amortization schedule. Mandelbaum & Associates, Inc. also provided Bayshore Properties with a $5,500,000 preferred equity check to help facilitate the acquisition. Originally constructed in 1967, the Aspen Ridge Apartments community has undergone significant capital improvements in recent years, enhancing both unit interiors and common areas.

  • The financing was announced on March 31, 2026.
  • Aspen Ridge Apartments was originally constructed in 1967.

The players

Greystone

A leading national commercial real estate finance company that structured the Freddie Mac financing for the Aspen Ridge Apartments acquisition.

Bayshore Properties

The borrower that acquired the Aspen Ridge Apartments property with the help of Greystone's financing.

Mandelbaum & Associates, Inc.

The firm that provided $5,500,000 in preferred equity to support Bayshore Properties' acquisition of Aspen Ridge Apartments.

Eric Rosenstock

The Senior Managing Director at Greystone who originated the Freddie Mac financing for the Aspen Ridge Apartments acquisition.

Nick Kozul

The President of Bayshore Properties.

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What they’re saying

“Greystone's deep understanding of our strategy enabled a smooth and efficient acquisition.”

— Nick Kozul, President, Bayshore Properties

“Aspen Ridge represents a well-maintained asset with strong in-place operations and meaningful upside through continued management and operational efficiencies.”

— Eric Rosenstock, Senior Managing Director, Greystone

“We have a great working relationship with both Bayshore Properties and Greystone. Aspen Ridge Apartments is well positioned in Bayshore's portfolio of assets.”

— Jessica Mandelbaum, Managing Director, Mandelbaum & Associates

The takeaway

This transaction highlights Greystone's expertise in structuring comprehensive financing solutions that enable real estate investors like Bayshore Properties to execute their acquisition strategies and position properties for long-term success.