360 Market Square Ownership Secures $104M in Financing
360 Market Square, built on the former Market Square Arena site, consists of 292 apartment units and approximately 42,000 square feet of ground-floor retail anchored by Whole Foods Market.
INDIANAPOLIS—Locally-based Flaherty & Collins Properties has secured $104 million in financing for its newly constructed 360 Market Square mixed-use project here.
Holliday Fenoglio Fowler, L.P. announced the closing of the deal and worked on behalf of Flaherty & Collins to place the floating-rate loan with Heitman LLC, a global real estate investment management firm headquartered in Chicago. Loan proceeds will be used by the property owner to retire existing construction financing.
The HFF debt placement team that represented Flaherty & Collins included senior managing director David Keller and director Adam Mallory.
360 Market Square, built on the former Market Square Arena site, consists of 292 apartment units and approximately 42,000 square feet of ground-floor retail anchored by Whole Foods Market. In addition, the property includes a 550-space parking garage with 350 spaces reserved for resident parking.
Completed earlier this year, the property incorporates eco-friendly features throughout and 10,000 square feet of amenity space, including a state-of-the-art fitness center, private yoga/spin studio, cyber café, screening lounge, business center and gaming lounge. Outdoor amenities include a landscaped courtyard, resort-style swimming pool and a 28th-floor sky deck offering panoramic skyline views.
The property is situated three blocks from Monument Circle in Indianapolis’ CBD and within a half mile of 7 million square feet of Class A office space and the Massachusetts Avenue cultural district.
In late July, Flaherty & Collins Properties announced it was selected by the City of La Porte (IN) Redevelopment Commission to build a 200-unit multifamily development in the heart of the city’s NewPorte Landing redevelopment project.
Flaherty & Collins Properties plans to build two buildings totaling approximately 167,000 square feet and creating 200 new living spaces. The development will occur along the shores of Clear Lake. The development represents a capital investment of more than $30 million. The La Porte Redevelopment Commission is supporting the project with Tax Increment Financing.
Construction is set to begin next summer with an opening scheduled for late 2020.