Greystone has provided a $26.32 million Freddie Mac loan to support the acquisition of Tiberon Trails Apartments, a multifamily community located in Merrillville, Indiana.
The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Bayshore Properties, a long-term client of the firm. In conjunction with the Freddie Mac financing, Greystone Equity Services also brought in MORE Capital—an affiliate of Morgan Properties—as a preferred equity provider, contributing an additional $4.96 million through an equity loan.
“We are pleased to support our client’s continued growth in the Midwest with this transaction,” said Rosenstock.
Tiberon Trails features 374 rental units offering a mix of studio, one-, two-, and three-bedroom apartments. The community amenities include a fitness center and a playground. The Freddie Mac loan carries a fixed interest rate over a five-year term, features 30-year amortization, and includes two years of interest-only payments.
