Greystone has recently secured a $40.3 million Freddie Mac Optigo loan for the refinancing of a 432-unit multifamily property located in Crown Point, Indiana. The financing was arranged by Greystone’s senior managing directors, Eric Rosenstock and Dan Sacks, on behalf of Bayshore Properties.
The borrower acquired Hidden Creek Apartments in 2021 with bridge financing and has since invested over $725,000 in capital improvements for more than 25% of the units. Additionally, exterior renovations totaling over $659,000 were completed.
Built in 1976 and consisting of one- and two-bedroom units spread across twelve residential buildings, Hidden Creek offers residents various amenities including a swimming pool, fitness room playground,disc golf course clubhouse,and ample outdoor space.The non-recourse,Freddie Mac loan carries a fixed-rate witha10-year term at$40.309million.
Rosenstock stated,”Despite current challenges within the lending market,it is rewarding to continue providing exceptional service to our long-standing client as they expand their multifamily portfolio.”
