Greystone Provides $27.6M Acquisition Loan for Indiana Apartment Complex

HAMMOND, IND. — Greystone has provided a $27.6 million Freddie Mac loan for the acquisition of Tanglewood Apartments in Hammond, about 25 miles south of Chicago. The 384-unit Class B multifamily property consists of 16 three-story buildings. Amenities include a clubhouse, pool, sauna, fitness center and picnic areas. Dan Sacks and Eric Rosenstock of Greystone originated the loan on behalf of the borrower, Bayshore Properties. The 10-year loan, which features two years of interest-only payments, includes a 30-year amortization. Bayshore purchased the asset for $33.5 million.