Bayshore Properties Lands Refi for Indiana Community

Greystone originated the $25.2 million loan.

Bayshore Properties has received a $25.2 million Freddie Mac Optigo refinancing loan for Andover Park Apartments, a 240-unit multifamily asset in Valparaiso, Ind. Originated by Greystone, the loan carries a fixed-rate 10-year term with a 30-year amortization. According to Yardi Matrix data, the owner purchased the community in 2005 for $11.8 million.

Completed in 1973, Andover Park Apartments encompasses one- and two-bedroom units across 10 buildings that occupy more than 14 acres, the same source shows. Washers and dryers are available in select units, while community amenities include tennis and pickleball courts, a swimming pool and more than a dozen laundry facilities.

Located at 351 Andover Drive, the property is less than 2 miles from Flint Lake, some 6 miles from Interstate 90, and more than 7 miles from Porter County Regional Airport. Residents have access to various dining and retail options less than 2 miles away.

Greystone Senior Managing Directors Dan Sacks and Eric Rosenstock secured the refinancing on behalf of Bayshore Properties. Last month, the same team originated another Freddie Mac loan for the same company.

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