Greystone Closes $14M Northern Indiana HUD Refi

Bayshore Properties will use the new loan to fund ongoing renovation work at the 174-unit community.
Cypress Pointe

Greystone has originated a $14 million FHA-insured mortgage for the 174-unit Cypress Pointe in Crown Point, Ind. The HUD-insured Section 223(f) fixed-rate financing includes a 40-year term and 35-year amortization period. Owner Bayshore Properties will use the loan proceeds to continue ongoing maintenance and capital improvements. By meeting HUD’s Energy Star requirements, the community benefited from a Green Mortgage Insurance Premium reduction.

Yardi Matrix data shows the loan will retire existing $9.1 million in HUD Section 223(f) debt taken in 2014. The owner had acquired the property in 2004 from Novogroder Cos. for $10.3 million.

Located at 930 Cypress Point Drive, the asset is 1.5 miles southeast of central Crown Point and 2 miles from Franciscan Health’s acute-care hospital in the town. The community is 3 miles from Interstate 65, some 40 miles from Chicago. Completed in 1978, the garden-style property has one-, two- and three-bedroom apartments in six three-story buildings. Common-area amenities at the gated community include a clubhouse, tennis court and pool.

Greystone Managing Directors Dan Sacks and Eric Rosenstock represented the owner in the deal. In May, the duo also arranged financing for Bayshore’s $33.5 million acquisition of a 384-unit community in Hammond, Ind.