Greystone Finances 1,337-Unit Apartment Community in Indiana for $77 Million
August 1, 2018
Substantial Repositioning Effort Resulted in Significant Cash-Out Result
Greystone announced that it has provided a $77,000,000 Fannie Mae DUS loan to refinance Park West Apartments in Griffith, Indiana. The transaction was originated by Dan Sacks and Eric Rosenstock of Greystone’s New York office.
Park West Apartments, formerly known as The Mansards, a multifamily community, with 1,337 units, was acquired by Bayshore Properties in 2016. After stabilizing the property and heavily investing in renovations, the property’s value increased substantially, enabling a significant amount of cash-out proceeds with the 12-year, fixed rate Fannie Mae loan, which includes 6 years of Interest Only. As a result of the financing provided by Greystone, Bayshore Properties’ principals Nick Kozul, CEO, and Robert Lambros, CFO, were able to optimize investors’ return and assume sole ownership of the property.
“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,” said Mr. Sacks.
“Dan and Eric gave us 110% of their attention during the entire journey, and this deal could not have been done without their industry expertise, creativity, and strong relationship with Fannie Mae,” said Mr. Kozul. “What brings me the most gratification in this process is that Park West has come full circle, and working with the city of Griffith to bring the property back to a source of pride for the area means a job well done. We thank all of our partners and investors for helping to make this deal a success, and to Greystone for their guidance and for helping us to refinance at the exact right time in the rate environment and market cycle.”