August 2, 2018
New York-based Greystone provided a $77-million Fannie Mae DUS loan to refinance Park West Apartments in Griffith, IN, a suburb east of Chicago. The 1,337-unit multifamily property was formerly known as The Mansards, and was acquired by Bayshore Properties in 2016.
After stabilizing the community at 1800 Park West Blvd. and heavily investing in renovations, the property’s value increased substantially, enabling a significant amount of cash-out proceeds. The 12-year, fixed rate Fannie Mae loan includes six years of Interest Only.
The deal allowed Bayshore Properties’ principals Nick Kozul, and Robert Lambros, to optimize investors’ return and assume sole ownership of the property. The transaction was originated by Dan Sacks and Eric Rosenstock of Greystone’s New York office.
For comments, questions or concerns, please contact Dennis Kaiser