Bayshore Properties Acquires Tiberon Trails Apartments In Merrillville For $36M With Eric Rosenstock's Financing

The property asset involved in this transaction is the Tiberon Trails Apartments, a multifamily housing complex consisting of 374 units, located at 1240 West 52nd Street in Merrillville, IN. The acquisition price for the property was $36 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $36,000,000
• Loan Amount: $31,200,000
• Loan Type: Acquisition
• Loan Terms: five-year, fixed-rate
• Lender: Eric Rosenstock - Greystone ; More Capital
• Landlord: Nick Kozul - Bayshore Properties
• Units: 374

Bayshore Properties secured $31.2 million in financing for the acquisition, which consisted of a $26.2 million Freddie Mac-backed loan from Greystone and $4.96 million in preferred equity from More Capital.