Greystone Lends $77M to Refi Indiana Apartment Community
Greystone has provided a $77 million Fannie Mae loan to Bayshore Properties to refinance Park West Apartments, the firm’s 1,337-unit, gated community in Griffith, Ind., Commercial Observer can exclusively report.
The 12-year, fixed rate Fannie Mae Delegated Underwriting and Servicing (DUS) loan includes six years of interest-only payments, sources told CO. With the refinancing, Bayshore was able to buy out partners—who sources did not disclose—and assume sole ownership of the property.
“This deal could not have been done without [Greystone’s] industry expertise, creativity, and strong relationship with Fannie Mae,” Bayshore CEO Nick Kozul said in a statement. “What brings me the most gratification in this process is that Park West has come full circle, and working with the city of Griffith to bring the property back to a source of pride for the area means a job well done.”
Dan Sacks and Eric Rosenstock out of Greystone’s New York office originated the transaction.
Built in 1972, Park West—formerly known as The Mansards—is a 44-building assemblage situated on roughly 67 acres and located at 1800 Park West Boulevard in Griffith.
It was purchased by Bayshore in 2016 and underwent a significant repositioning that included the addition of new carpeting and flooring as well as the replacement of cabinets and kitchen appliances and an upgrade to the property’s central heat and air systems.
Bayshore also upgraded the water heaters, lighting fixtures and plumbing within the buildings and revamped the property’s landscaping, sidewalks, roofs and gutters, pool, parking lot and the its mechanical systems. The property also has 2,218 parking spaces.
The property features a heated indoor pool, a banquet room, a billiard room and laundry facilities as well as a business center, a clubhouse, a lounge, a conference room, corporate suites, a tennis court and a volleyball court.
Current monthly rents at Park West range from $740 for a one-bedroom to $1,270 for a three-bedroom unit, according to the property’s website.
Officials at Bayshore Properties could not immediately be reached.