INDIANAPOLIS—Recently GlobeSt.com has reported on the growing strength of both the office and industrial sectors in Indianapolis. But the residential sector has not been left out of the developing recovery. And like many Midwest cities, more people here have become attracted to the idea of living downtown. Mission Capital Advisors, for example, has just arranged $31.4 million in construction financing for the construction of a four-story, 215-unit multifamily complex in downtown Indianapolis. The financing comprised $7.1 million of institutional joint venture equity and a $24.3 million construction loan for the 225,000-square-foot project that a local sponsor is developing.
Brad Lyons, Ari Hirt and Steven Buchwald represented the sponsor in arranging the financing with PNC Bank N.A.
“Mission leveraged its local market knowledge and national relationships to identify an institutional partner to contribute $7.1 million of joint venture equity to the project,” says Lyons. “After arranging the joint venture equity financing, Mission leveraged its deep relationships with construction lenders to secure the most efficient capital source for the $24.3 million debt financing, and achieve a smooth closing and timely execution.”
Located at 600 East Michigan St., the project occupies a site within the Mass Ave. Arts District, which has numerous amenities including restaurants, bars, retail, theater and art galleries. The site is also within walking distance of many large employers and the city's major sporting venues.
“There is ample capital available in the current market for quality projects, and Mission has a track record of success in arranging financing for projects in a wide range of markets throughout the country,” says Hirt. “The interest we received in arranging this transaction is indicative of the continuing strength of the capital markets, and the opportunities available in strong Midwest markets such as Indianapolis.”
The project will comprise two, four-story multifamily structures around a landscaped courtyard with a resort style pool, constructed over one level of subterranean parking.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
