WEST LAFAYETTE, IN—The owners of a new building on thePurdue University campus have just secured a loanto retire construction financing for the property.HFF secured the $16 million in financing for 516Northwestern, a 135,397-square-foot, office, laboratory, andclassroom facility in West Lafayette, IN. Working on behalf of theborrower, 516 Northwestern Associates, LP, anaffiliate of Indianapolis-based BrowningInvestments, HFF placed the 25-year fixed-rate loan withJohn Hancock Life Insurance Co.

The property, known on campus as Seng-Liang Wang Hall, or WangHall, features 122,610-square-feet of class A offices andlaboratories and 12,787-square-feet of street-level retail space.Purdue Federal Credit Union occupies some of thelatter space and the university's School of Electrical andComputer Engineering occupies the lab and research area.Wang Hall's on-site amenities include surface parking, electricvehicle charging stations and a floor-to-ceiling glass atrium. Thebuilding sits directly across Northwestern Ave. from theCollege of Engineering, and near the academic quadand Purdue's sports stadium along one of the most heavily traveledcorridors on the campus.

The HFF debt placement team representing the borrower was led bysenior managing director Dave Keller. Browningacquires, develops, builds, leases, manages and owns investmentreal estate properties, mostly in the Indianapolis metropolitanarea. In total, Browning has developed and constructed more than15-million-square-feet of space.