Greystone, a leading national commercial real estate finance company, has provided a $44,000,000 bridge loan for the acquisition of Hidden Creek Apartments, a 432-unit multifamily property in Crown Point, Indiana. 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 property to permanent HUD-insured financing. Constructed in 1976 and rehabbed in 2006, Hidden Creek Apartments is a garden-style community comprised of 12, three-story residential buildings and one leasing office / club house. The property’s amenities include a swimming pool, fitness center, children’s play set, banquet room, tennis courts, 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,” said Mr. 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.” 

"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," said Nick Kozul, principal of Bayshore. "We are so thrilled with this latest financing outcome and look forward to continuing our work together."

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $27.6 million Freddie Mac loan for the acquisition of a multifamily property in Hammond, Indiana. The transaction was originated by Dan Sacks and Eric Rosenstock, both Managing Directors at Greystone, on behalf of Bayshore Properties.

The conventional Freddie Mac Capital Markets Execution (CME) Green Up acquisition loan for Tanglewood Apartments carries a 10-year term and 30-year amortization, with the first two years of interest-only payments. Tanglewood is a 384-unit Class-B multifamily property acquired for $33.5 million, and is located in the Gary metropolitan statistical area (MSA) in Northwest Indiana. The property consists of 16 three-story buildings spread across nearly 20 acres, with amenities including clubhouse, pool, sauna, fitness center, picnic areas and detached garages.

“Given the current market conditions, higher debt leverage such as on this transaction – at nearly 80% -- is harder to achieve,” said Mr. Rosenstock. “We worked closely with Freddie Mac’s team and the borrower to get everyone comfortable with the strong underwriting presented, available liquidity and necessary reserves.”

“Overall, with the Freddie Mac Green Up improvements planned to be made, the property will ultimately be more efficient and provide savings to the tenants,” added Mr. Nick Kozul, principal, Bayshore Properties. ‘We are grateful to the Greystone team for their commitment to getting this done during a pandemic, and achieving a great result for us.”