Bayshore Properties closed on March 19, 2026 on a $32.567 million Freddie Mac loan arranged by Greystone, with an additional $5.5 million preferred‑equity contribution from Mandelbaum & Associates, Inc. The deal gives Bayshore ownership of Aspen Ridge Apartments, a 253‑unit multifamily complex in West Chicago, Illinois.
The transaction follows a 2021 sale of the property by M Group and Zinger Property Group for $29 million, indicating a 12 % appreciation over five years. Aspen Ridge was built in 1967 and has undergone a series of capital improvements, including upgraded common areas and energy‑efficient systems, positioning it for a value‑add strategy that focuses on operational efficiencies and resident experience enhancements.
Freddie Mac’s involvement underscores its continued commitment to the multifamily sector. In 2026 the agency’s loan purchase cap is $88 billion, with at least 50 % required to be mission‑driven affordable housing. Greystone’s role as arranger and lender reflects its status as a top Freddie Mac partner, while the preferred equity from Mandelbaum provides the leverage needed to close the deal.
"Aspen Ridge represents a well‑maintained asset with strong in‑place operations and meaningful upside through continued management and operational efficiencies. We are pleased to deliver a comprehensive capital solution that enables our client to execute their acquisition strategy while positioning the property for long‑term success," said Eric Rosenstock, Senior Managing Director at Greystone.
"Greystone's deep understanding of our strategy enabled a smooth and efficient acquisition. Aspen Ridge is a strong asset with solid fundamentals and value‑add potential, and this structure positions us well to enhance the community and drive long‑term performance," said Nick Kozul, President of Bayshore Properties.
"We have a great working relationship with both Bayshore Properties and Greystone. Aspen Ridge Apartments is well positioned in Bayshore's portfolio of assets," said Jessica Mandelbaum, Managing Director of Mandelbaum & Associates, Inc.
The deal illustrates the robust demand for suburban multifamily assets and the strategic use of a blended capital stack—senior Freddie Mac debt paired with preferred equity—to unlock value while maintaining a conservative risk profile. It also highlights Freddie Mac’s ongoing role as a liquidity provider in a market where mission‑driven lending remains a priority.
The transaction demonstrates how traditional financing mechanisms continue to support value‑add strategies in the multifamily sector, reinforcing the importance of strong operational execution and capital structure optimization for investors seeking long‑term performance.
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