Bayshore Properties Closes $95M Financing for Major Illinois Multifamily Acquisition

Bayshore Properties lands a $94.7M financing package from Greystone to acquire the Woodlands of Crest Hill, a massive 730-unit garden-style community near Chicago.

By: AXL Media

Published: Mar 11, 2026, 5:45 AM EDT

Source: https://www.multihousingnews.com/

Financing Structure and Terms

The primary $89.2 million loan, facilitated by Greystone Senior Managing Director Eric Rosenstock, is a nonrecourse Fannie Mae instrument featuring a 10-year term and a 30-year amortization schedule. Notably, the loan includes five years of interest-only payments, providing the borrower with significant initial cash flow flexibility. The secondary $5.5 million funding package, provided by a DUS Lender Affiliate, is also nonrecourse with a 10-year term and full-term interest-only payments. This layered financing approach allowed Bayshore Properties to optimize their leverage for the $110 million purchase.

Asset History and Valuation Growth

Woodlands of Crest Hill has seen rapid valuation appreciation in recent years. Bayshore Properties purchased the asset from Osso Capital for $110 million in January 2026. Osso Capital had previously acquired the property in 2023 for $95 million, representing a 15.8% increase in value over roughly three years. Built in 1969, the 26-acre site at 1615 Arbor Lane comprises 17 buildings. Despite its age, the property has remained highly competitive, with a current occupancy rate of 98.1%—well above the national average.

Property Specifications and Rent Trends

The community offers a mix of studio, one-, and two-bedroom layouts across its 730 units. Resident demand in the Will County submarket has driven consistent rent growth; average monthly rents at the property reached $1,387 in early 2026, up from $1,287 in 2022. Shared amenities cater to a broad tenant base and include a clubhouse, fitness center, swimming pool, business center, and outdoor volleyball courts. Its location, approximately 35 miles southwest of downtown Chicago, positions it as a key workforce housing hub for the regional logistics and manufacturing sectors.