Greystone 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 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 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.