X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

INDIANAPOLIS-The Department of Housing and Urban Development has awarded RCM Phoenix Partners, LLC a 20-year renewal on its Section 8 Housing Assistance Payments contract for the 328-unit Phoenix Apartments at 4004 Meadows Dr. The owners, a Belfonti Associates entity, have also secured a Housing Choice Voucher Program contract with the Indianapolis Housing Agency for 10 years, covering an additional 27 units.

Paul Morris, director of special projects for MCR Property Management, says the long-term commitments allowed the company to obtain $7 million in financing for physical improvements to the 53-year-old property to development. Epstein Canarick Corp. of Jericho, NY brokered the refinancing.

Consisting of nine brick buildings on 12 acres of land, the community contains 224 one-bedroom and 104 two-bedroom apartments of approximately 600 sf. The property is located at the intersection of Keystone and 38th streets, approximately two miles north of Interstate 70 and five miles northeast of Downtown Indianapolis.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.