Greystone has provided a $44 million bridge loan for the acquisition of Hidden Creek Apartments, a 432-unit multifamily property in Crown Point, Indiana.
The transaction was originated by Eric Rosenstock and Dan Sacks, Co-Managing Directors at Greystone on behalf of Bayshore Properties.
The non-recourse bridge loan from Greystone features a 24-month term with two six-month extension options and is interest-only. Upon further stabilization, Greystone intends to transition the property to permanent HUD-insured financing.
Constructed in 1976 and rehabbed in 2006, Hidden Creek Apartments is a garden-style community comprised of 12, three-story residential buildings and one leasing office / club house. The property’s amenities include a swimming pool, fitness center, children’s play set, banquet room, tennis courts, and lounge.