Updated Sep 16, 2025
Bayshore Properties Acquires Tiberon Trails Apartments In Merrillville For $36M With Eric Rosenstock's Financing
1240 West 52nd Street
$31,200,000
Units
374
Asset Type
MultiFamily
Closing
Sep 15, 2025
About this deal
AI
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.
Players
Merrillville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93