Greystone has provided a $40.3 million Freddie Mac Optigo® loan to refinance a 432-unit multifamily property in Crown Point, Indiana. The financing was originated by Eric Rosenstock and Dan Sacks, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.
Purchased by the borrower in 2021 with bridge financing, Hidden Creek Apartments received capital improvements in excess of $725,000 on more than 25% of the units, as well as exterior renovations of over $659,000. Originally constructed in 1976, the property comprises one- and two-bedroom units spread across twelve residential buildings with community amenities including a swimming pool, fitness room, playground, disc golf course, clubhouse, and ample outdoor space. The $40,309,000 non-recourse, fixed-rate Freddie Mac loan carries a 10-year term.
“Despite today’s more difficult financing environment, it’s gratifying to be able to provide a long-time client with continued high-touch service as they grow their multifamily portfolio,” said Mr. Rosenstock.
“Eric, Dan and the Greystone team have been nothing short of excellent as we navigated a higher rate environment and worked to add value to this quality asset for its long-term success,” said Mr. Nick Kozul of Bayshore Properties.