Bayshore Properties has landed a $40.3 million refinancing loan for its 432-unit community in Crown Point, Ind. after having spent nearly $1.4 million on capital improvements. Greystone’s Eric Rosenstock and Dan Sacks originated the non-resource fixed-rate 10-year loan provided by Freddie Mac.
According to Greystone, Bayshore Properties acquired Hidden Creek Apartments in 2021. According to Yardi Matrix data, the current owner bought the community from Scott Canel & Associates for more than $58.5 million with the help of a $44 million loan. During its ownership, Bayshore Properties has spent more than $725,000 on renovating more than 25 percent of the units, along with another $659,000 on renovations to the community’s exterior.
The community’s one- and two-bedroom units offer walk-in closets, dishwashers and linen closets, while select units also have plank flooring, separate dining areas and private patios or balconies. Built in 1976, Hidden Creek Apartments’ units range from 650 to 917 square feet and are located throughout twelve residential buildings. Community amenities also include a pool, fitness room, clubhouse, playground, disc golf course, banquet room, dog park, picnic area, recreation room, bicycle trail and outdoor spaces.
Located at 8118 International Drive, the community is 40 miles away from downtown Chicago. The community is 97.5 percent occupied, according to Yardi Matrix data.
Building up Indiana presence
Besides Hidden Creek Apartments, Bayshore Properties’ portfolio includes Cypress Pointe Apartments, also located in Crown Point, Ind. The company has also acquired several other communities throughout the state, including in Valparaiso, Highland, Hammond and more. Outside of Indiana, Bayshore has assets in Illinois, Kentucky and Pennsylvania.
Last year, the company acquired the 586-unit Stonebridge Luxury Apartments in Arlington Heights with the help of another Fannie Mae loan, also originated by Rosenstock and Sacks. Previously, Bayshore also landed $57 million in bridge financing for its 427-unit condominium community called Terrace of Elk Grove Apartments in Elk Grove Village, Ill.
