Greystone 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."