Indy's Multifamily Sector Strengthens

INDIANAPOLIS—Due to its central location and dense network of interstates, Indianapolis has become one of the nation’s top logistics and distribution hubs. The region’s rising economy has also lifted up its multifamily sector, and owners in the region are also making moves to improve their financial position.

J.C. Hart Co., Inc., for example, just secured $38.5 million in financing for two of its Indianapolis-area apartment communities, The Hamilton and BayShore Apartments. Working on behalf of the borrower, HFF placed the loans in two separate transactions. A $25.2 million, 15-year, fixed-rate loan was placed with 40/86 Mortgage Capital, Inc. for The Hamilton. And Morgan Stanley Bank, N.A. closed a $13.3 million, fixed-rate loan for BayShore Apartments.  Both loans refinanced existing debt on the properties.