WEST LAFAYETTE, IN—The owners of a new building on the Purdue University campus have just secured a loan to retire construction financing for the property. HFF secured the $16 million in financing for 516 Northwestern, a 135,397-square-foot, office, laboratory, and classroom facility in West Lafayette, IN. Working on behalf of the borrower, 516 Northwestern Associates, LP, an affiliate of Indianapolis-based Browning Investments, HFF placed the 25-year fixed-rate loan with John Hancock Life Insurance Co.

The property, known on campus as Seng-Liang Wang Hall, or Wang Hall, features 122,610-square-feet of class A offices and laboratories and 12,787-square-feet of street-level retail space. Purdue Federal Credit Union occupies some of the latter space and the university's School of Electrical and Computer Engineering occupies the lab and research area. Wang Hall's on-site amenities include surface parking, electric vehicle charging stations and a floor-to-ceiling glass atrium. The building sits directly across Northwestern Ave. from the College of Engineering, and near the academic quad and Purdue's sports stadium along one of the most heavily traveled corridors on the campus.

The HFF debt placement team representing the borrower was led by senior managing director Dave Keller. Browning acquires, develops, builds, leases, manages and owns investment real estate properties, mostly in the Indianapolis metropolitan area. In total, Browning has developed and constructed more than 15-million-square-feet of space.

 

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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.