Chicago Asset Changes Hands for $131M
Stonebridge Luxury Apartments last traded in 2016, for $105 million.
Bayshore Properties has received a $94.5 million Fannie Mae DUS loan for the acquisition of Stonebridge Luxury Apartments, a 586-unit multifamily community in Arlington Heights, Ill, a Chicago suburb. Bayshore purchased the community for a total of $131 million from The Connor Group, according to Yardi Matrix data. The Connor Group had acquired the property for $105 million back in 2016, the same source shows.
The fixed-rate acquisition loan carries a 10-year term and amortization, full-term interest-only payments and 9.5 years of yield maintenance. The loan will also help Bayshore make improvements to the community. Greystone Co-Managing Directors Eric Rosenstock and Dan Sacks originated the financing.
Completed in 1973, the property encompasses six buildings with one- and two-bedroom apartments ranging between 850 and 2,079 square feet. The community offers a fitness center, a swimming pool, a business center, a tennis and basketball court, a playground, a clubhouse and six laundry facilities.
Stonebridge Luxury Apartments is located at 650 W. Rand Road. The community sits on a 40.1-acre site near Route 12. There are several retail centers, dining options and green areas in the proximity. Northwest Community Healthcare Hospital is 4.7 miles away.
Just last month, Greystone closed on another sizeable financing, $153.6 million in tax-exempt and taxable construction loans for a 387-unit affordable community development in Sacramento, Calif. The three-phase development is designated for residents earning between 30 and 80 percent of the area median income.