Bayshore Properties Refinances Suburban Chicago Property
The funds preserve the community's affordable units.
Bayshore Properties closed on a $58.6 million refinancing loan for Terraces of Elk Grove, a 427-unit garden-style apartment community located in the northwest Chicago suburb of Elk Grove Village, Ill. The funds came from a a Freddie Mac Workforce Preservation program loan originated by Greystone Senior Managing Directors Eric Rosenstock and Dan Sacks.
The non-recourse, fixed-rate financing replaces an existing Greystone bridge loan on the property. It features a 10-year term and 35-year amortization with five years of interest-only payments. In accordance with Freddie Mac’s preservation program, 30 percent of the units at Terraces of Elk Grove are earmarked for households earning less than 80 percent of Area Median Income.
A job center outside Chicago
Built in 1973 and located at 908 Ridge Square near the commercial center of the suburb, Terraces of Elk Grove features nine apartment buildings including a clubhouse. The 2-1/2- and three-story masonry buildings offer semi-private entries. Occupancy stood at 95.3 percent at the time of the sale.
The one- and two-bedroom units range from 600 to 1,100 square feet in size and offer vaulted ceilings, microwave ovens, hardwood floors, balconies and patios and, in select units, in-unit washer-dryers. Community amenities include a fitness center, clubhouse, business center, bike room, swimming pool, eight laundry facilities and controlled access.
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The northwest suburban location places residents near job hubs in nearby Schaumburg, including the region’s largest shopping mall, Woodfield. Also proximate are the Golf Road and Algonquin Road commercial corridors. Another major employer, O’Hare International Airport, lies directly east of Elk Grove Village. In addition, Metra commuter stations in Arlington Heights to the north and Itasca and Wood Dale south let residents quickly traverse the 26 miles to downtown Chicago’s Loop central business district.
An October 2024 ranking from Rentcafe placed listed Chicago as the nation’s most competitive rental market, owed to its small number of average vacant days and high occupancy rates.
In April, a joint venture between Bradford Allen and Moceri + Roszak topped off on construction of Arlington Gateway, a 301-unit mixed-use project also located in northwestern Chicago.
Four months ago, Eastham Capital and Bender Companies partnered to acquire for $76 million Haven Hoffman Estates, adjacent to Elk Grove Village.
