Bayshore Properties Clears $95M to Acquire Illinois Asset
Bayshore’s acquisition of the community is backed by Greystone-originated Fannie Mae and mezzanine financing.
Bayshore Properties has obtained approximately $94.7 million in financing to acquire Woodlands of Crest Hill apartments, a 730-unit garden-style multifamily property located in Crest Hill, Ill. The financing takes the form of a $89.2 million first loan from Fannie Mae and a $5.5 million second funding package from a DUS Lender Affiliate.
The $89.2 million nonrecourse financing has a 10-year term and 30-year amortization period, as well as five years of interest-only payments. The second, smaller one is also nonrecourse, with a 10-year term and full-term interest-only payments.
Greystone Senior Managing Director Eric Rosenstock facilitated the financing.
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Woodlands of Crest Hill was built in 1969 at 1615 Arbor Lane in southwest Will County, approximately 35 miles outside Chicago. According to Yardi Matrix, Bayshore Properties acquired the property in from Osso Capital for $110 million in January. Osso paid $95 million for it in 2023.
The property offers studios and one- and two-bedroom units in 17 buildings on 26 acres, which are 98.1 percent occupied. Rents average $1,387 a month, up from $1,287 a month in 2022, according to Yardi Matrix data. Common-area amenities include a clubhouse, a fitness center, a business center, a swimming pool and outdoor volleyball courts.
Chicago mixed multifamily bag
Multifamily in metro Chicago turned in a mixed 2025, with development totaling 3,838 units for the year through November, or a subdued 0.9 percent of existing stock, Yardi Matrix reports. That is 190 basis points below the national rate.
On the other hand, occupancy for stabilized assets was up 40 basis points year-over-year through October, to 96.3 percent, according to Yardi Matrix. That is 160 basis points ahead of the U.S. average and points to strength in the Chicago market, especially considering more than 20,000 units were added in 2023 and 2024 combined.
Investors have also maintained their interest in metro Chicago multifamily. Yardi Matrix notes that $3.1 billion in multifamily assets traded during the first 11 months of last year. That was less than in such places as metro Dallas and Seattle—both at $3.9 billion—and in Phoenix and Miami—both at $3.5 billion—and Atlanta at $3.4 billion.
