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Greystone Furnishes Acquisition Loan on Indiana Multifamily
Greystone has provided a $44,000,000 bridge loan for the acquisition of Hidden Creek Apartments, a 432-unit multifamily property in Crown Point, IN. The transaction was originated by Eric Rosenstock and Dan Sacks, co-managing directors at Greystone, on behalf of Bayshore Properties.
The non-recourse bridge loan from Greystone features a 24-month term with two six-month extension options and is interest-only. Upon further stabilization, Greystone intends to transition the circa-1976 property to permanent HUD-insured financing.
“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,” said Rosenstock. “Greystone’s bridge lending solution is a perfect fit for them, and 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.”
- ◦Financing
