Greystone Provides $77M for IN Asset
The company facilitated the loan for Bayshore Properties’ 1,337-unit Park West Apartments in Griffith. The 12-year, fixed-rate Fannie Mae loan includes six years of interest only.
The deal was originated by Dan Sacks and Eric Rosenstock of Greystone’s New York office.
“Park West Apartments has experienced a significant turnaround since being acquired, with interior and exterior improvements and upgrades, and the owners are committed to the community of Griffith,” Sacks told MHN. “With its commuting distance to Chicago—50 percent of the residents commute there for work—Griffith is an ideal investment location for multifamily owners.
Located at 1800 Park West Blvd., the community features one-, two- and three-bedroom units, all boasting walk-in closets, gas or electric stoves, ceiling fans and private patios or balconies.
The gated community offers ample parking, intercom-controlled building access and amenities such as two clubhouses, a sports bar, two billiard rooms, a heated indoor pool plus four outdoor pools, computer lounge, tennis courts, fitness center and picnic areas with grills.
Originally known as The Mansards, the property was purchased by Bayshore Properties in 2016 and the company invested a lot into renovations, increasing its value considerably. This allowed for a significant amount of cash-out proceeds with the 12-year, fixed rate Fannie Mae loan. The loan also includes six years of interest only.
Bayshore Properties’ CEO Nick Kozul and CFO Robert Lambros were able to optimize investors’ return and now assume full ownership of the property.
“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,” Kozul said. “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.”
The property is in Northwest Indiana just off the major expressways of I-80/94 and I-65 and is close to the South Shore train line to Downtown Chicago.