2-State Portfolio Lands $125M Loan

Greystone originated the Fannie Mae financing for the 1,383-unit portfolio across Pennsylvania and Kentucky. As part of the recapitalization effort, Bayshore Properties has taken a 50 percent stake in the assets.

Colts Run Apartments. Image courtesy of Yardi Matrix

A 1,383-unit multifamily portfolio across Pennsylvania and Kentucky has landed a new investor and a $125.2 million Fannie Mae loan as part of a complex recapitalization deal aimed at returning the assets to profitability. Nick Kozul of Bayshore Properties has taken a 50 percent stake in the $163.5 million portfolio owned by Angie Djurin of North Street Properties.

Greystone’s Dan Sacks and Eric Rosenstock originated the permanent financing, which includes a $125.2 million Fannie Mae DUS loan featuring a 12-year term, 30-year amortization and a 6-year interest-only period. The capital stack also includes preferred equity.

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The new investor will take over management duties of the four assets in the portfolio:

  • Ventana Hills Apartments at 1350 Ventana Drive in Coraopolis, Pa. (470 units)
  • Berkeley Manor Apartments at 90 Berkley Manor Drive in Cranberry Township, Pa. (252 units)
  • WoodSpring Apartments at 550 Mt. Zion Road in Florence, Ky. (409 units)
  • Colts Run Apartments at 3170 Mapleleaf Drive in Lexington, Ky. (252 units)

Coraopolis is just west of Pittsburgh, while Cranberry Township is less than 20 miles north of the city. The Florence property is less than 12 miles south of Cincinnati. All the properties were built from 1998 to 2002 with occupancy rates ranging from approximately 83 to 92 percent, according to Yardi Matrix data.

In August of last year, Greystone provided a $77 million Fannie Mae DUS loan to Bayshore Properties to refinance a 1,337-unit community in Griffith, Ind.

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