Greystone Provides $77M Refi For Indiana MF
“The fact that Nick and Robert were able to turn around the property so drastically in such a short hold period demonstrates their commitment to value for their investors, the Park West residents, and the city of Griffith.”
GRIFFITH, IND – Greystone announced that it has given a $77 million Fannie Mae DUS loan to refinance Park West Apartments in Griffith, Indiana. Formerly known as The Mansards, it was acquired by Bayshore Properties in 2016.
The transaction was originated by Dan Sacks and Eric Rosenstock of Greystone’s New York office. The apartments are a multifamily community with 1,337 units. After stabilizing and heavily investing in the property and renovations, its increased value enabled a significant amount of cash-out proceeds with a 12-year, fixed rather Fannie Mae loan, which includes 6 years of interest only.
Bayshore Properties’ principals Nick Kozul, CEO, and Robert Lambros, CFO, were able to assume sole ownership and optimize investors’ return.
Sacks stated, “The fact that Nick and Robert were able to turn around the property so drastically in such a short hold period demonstrates their commitment to value for their investors, the Park West residents, and the city of Griffith.”