Fort Wayne, IN, was one of seven
multifamily properties financed
with a $109M loan.
INDIANAPOLIS-Walker & Dunlop Inc. secured financing to the tune of $108.9 million on behalf of Hampshire Group. With the money, Hampshire Group funded an acquisition of 1.852 multifamily property units located throughout the Indianapolis suburbs and in Fort Wayne, IN.
The portfolio consisted of seven garden-style multifamily properties. The Fannie Mae loans were structured with 10-year terms and two-year interest only, followed by 30-year amortization periods.
According to Walker & Dunlop SVP Steven Heller, who brokered the financing, the buyer acquired the assets in September, with financing put in place a couple of months after closing. The seller of record for the assets is Empire American Holdings LLC in Montvale, NJ.
“Attempting financing for anything in the Midwest is difficult, and this was challenging, with seven properties at one time,” Heller tells GlobeSt.com. “But there was a lot of equity in this deal and a major sponsor. Fannie Mae really stepped up to help us get these deals done.
The portfolio consists of
- The 256-unit Avon Creek Apartments,291 Great Lakes Circle West, Avon, IN
- The 224-unit Brownsburg Crossing, 1122 Windhaven Circle, Brownsburg, IN
- The 272-unit Greenfield Crossing, 2011 North East Bay Dr., Greenfield, IN
- The 240-unit Saratoga Crossing, 4200 Stillwater Blvd., Plainville, IN
- The 304-unit Settler’s Run, 3200 Prairie View Trail, Danville, IN
- The 274-unit Reserve at Dawson’s Creek, 401 Augusta Way, Fort Wayne, IN
- The 272-unit Island Club, 2302 East Wallen Rd., also in Fort Wayne
Heller says occupancy across the portfolio was in the mid-90s, while the portfolio is between 12 and 14 years old. “These are the top-of-the-market properties for their area,” Heller adds.