Greystone provided a $26.3 million Freddie Mac loan to finance the acquisition of Tiberon Trails apartments, a multifamily property in Merrillville, Indiana.
The financing was originated by Eric Rosenstock, Senior Managing Director at Greystone, on behalf of Bayshore Properties, a long-time Greystone client.
In addition, Greystone Equity Services brought in MORE Capital (an affiliate of Morgan Properties) as a preferred equity provider, which supplied a $4,960,000 pref equity loan in conjunction with the Freddie Mac financing.
Tiberon Trails, located in Merrillville, comprises 374 rental units with a diverse mix of studio, one-, two-, and three-bedroom apartments. Community amenities include a fitness center and playground. The Freddie Mac loan carries a fixed interest rate over a 5-year term, with a 30-year amortization and two years of interest-only payments.
