Greystone Secures $32M Refi for IN Community

1 min read

The 304-unit pet-friendly residence is situated close to Metropolis Mall and to other various shopping, dining and entertainment venues.

Central Park Metropolis
Central Park Metropolis

After providing a $91.6 million Freddie Mac loan for Lincoln Green, Greystone has secured a $32.3 million HUD-insured refinancing loan for the owners of Central Park Metropolis, a 304-unit community in Plainfield, Ind. The 35-year loan features a fixed, low-interest rate.

The pet-friendly community sits on approximately 22.3 acres at 750 Central Park Drive East, offering convenient access to the Metropolis Mall, The Shops at Perry Crossings and various shopping, dining and entertainment venues.

Central Park Metropolis features a mix of one-, two- and three-bedroom units ranging from 763 to 1,460 square feet. Yardi Matrix data shows that the property had an average rental rate of $1,058 as of November and was 98 percent occupied as of October. The 27 two- and three-story buildings offer common-area amenities such as:

  • waterscape
  • fitness center
  • business center
  • clubhouse
  • laundry facilities
  • salt water swimming pool
  • outdoor grilling cabana
  • fireplaces
  • movie screening room

Chicago-based Becovic Managements Group purchased the property in 2007. “This refinance demonstrates Becovic Management’s commitment in the multifamily space and, together with Greystone, we hope to continue to make smart investments in increasingly strong performing markets,” said Muhamed Becovic, president of Becovic Management, in a prepared statement.

Image courtesy of Yardi Matrix

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