Greystone Lends $44M on Indiana Apartment Asset Acquisition

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Bayshore Properties has nabbed $44 million of bridge financing for its acquisition of an Indiana multifamily property, Commercial Observer has learned.

Greystone supplied the non-recourse, interest-only bridge loan for Bayshore’s Hidden Creek Apartments in Crown Point, Indiana, which features a 24-month term with two six-month extension options. The transaction was originated by Eric Rosenstock and Dan Sacks, co-managing directors at Greystone.

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“Eric and Dan’s team have been guiding us for years on how to optimize our real estate portfolio and unlock the value of our holdings, enabling us to grow and expand,” Nick Kozul, a principal of Bayshore, said in a statement. “We are so thrilled with this latest financing outcome and look forward to continuing our work together.”

Located at 8118 International Drive, Hidden Creek Apartments is a 432-unit garden-style complex built in 1976 that Greystone is planning to transition into permanent U.S. Department of Housing and Urban Development (HUD)-insured financing. The property is comprised of 12, three-story residential buildings and one leasing office and clubhouse. Its amenities include swimming pool, fitness center, children’s playset, banquet room, tennis court and lounge.

“The Bayshore Properties team has a knack for improving the quality and value of mid- to late-century multifamily communities in order to increase their longevity as quality rental units,” Rosenstock said in a statement. “We look forward to taking the next step in securing permanent financing with a HUD-insured loan to set the property up for success for the long term.” 

Andrew Coen can be reached at acoen@commercialobserver.com