Properties of Bayshore has secured $ 44 million in bridge financing for its acquisition of a multi-family property in Indiana, Commercial Observer has learned.

Gray stone provided the non-recourse, interest-only bridging loan for Bayshore Hidden Creek Apartments in Crown Point, Indiana, which offers a 24-month term with two six-month extension options. The transaction was initiated by Eric Rosenstock and Dan Sacks, co-managing directors at Greystone.

“Eric and Dan’s team have been guiding us for years on how to optimize our real estate portfolio and unlock the value of our holdings, which allows us to grow and develop” Nick kozul, a director of Bayshore, said in a statement. “We are delighted with this latest fundraising result and look forward to continuing our work together. “

Located at 8118, international road, Hidden Creek Apartments is a 432 unit garden-style complex built in 1976 that Greystone plans to turn into a permanent residence US Department of Housing and Urban Development (HUD)-financing assured. The property consists of 12 three-story residential buildings and a rental office and clubhouse. Its amenities include a swimming pool, fitness center, children’s play area, banquet hall, tennis court and lounge.

“The Bayshore Properties team has a knack for improving the quality and value of mid-to-turn-of-the-century multi-family communities to increase their longevity as quality rental units,” Rosenstock said in a statement. . “We look forward to taking the next step to secure permanent financing with a HUD-insured loan to prepare the property for long-term success. ”

Andrew Coen can be reached at [email protected]