Greystone has provided a $14 million FHA-insured loan to refinance a 174-unit multifamily property in Crown Point, Indiana. The transaction was originated by Dan Sacks and Eric Rosenstock, both managing directors at Greystone, on behalf of Bayshore Properties.
The $14 million HUD-insured Section 223(f) financing carries a 40-year term and 35-year amortization, along with a low, fixed rate. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium reduction. The refinancing enables the borrower to continue with ongoing maintenance and renovation, and monetize its existing equity.
Originally built in 1978, Cypress Pointe Apartments is a garden-style apartment community featuring six buildings and 174 one-, two- and three-bedroom units with modern amenities and finishes, walk-in closets and covered balconies and patios.
Residents also have access to a clubhouse and pool, fitness center, playground and detached parking garages. Located in the suburbs of Chicago near Crown Point’s downtown square, the property offers easy access to the Southlake Mall, as well as dining, entertainment and area retailers.
