Financing Arranged For Indy Apartment BuildingPosted: Updated:
HFF Inc. (NYSE: HF) says the redevelopment of a historic downtown Indianapolis building into a 78-unit apartment complex has been a "great success." The Pennsylvania-based company has arranged nearly $10 million in financing to retire a construction loan for TWG Development LLC. August 21, 2014
INDIANAPOLIS, Ind. - HFF announced today that it has arranged $9.85 million in financing for 333 Penn, a 78-unit, adaptive re-use apartment building in downtown Indianapolis.
HFF worked exclusively on behalf of the borrower, TWG Development, LLC, to secure the fixed-rate loan through JP Morgan Securities. Loan proceeds will retire an existing construction loan.
Originally constructed in 1913, 333 Penn is an historic art deco building that formerly consisted of office space serving many of the city's architects and builders. The conversion to residential units and ground floor office space was completed in late 2013 and both portions of the property were fully leased within six months of completion. Community amenities include a 24-hour fitness center, community room, laundry facilities and garage parking. The property is adjacent to University Park and is also near Massachusetts Avenue, Monument Circle, Circle Center Mall, Banker's Life Fieldhouse and Lucas Oil Stadium.
The HFF debt placement team representing the borrower was led by director Ken Martin.
According to HFF, the redevelopment of 333 Penn from a dilapidated, vacant office building into Class A residential units has been a great success for TWG as it continues to grow its market rate multi-housing portfolio.
TWG Development, LLC is a real estate development company specializing in commercial, market rate, affordable and senior housing developments. TWG was formed in 2007 to develop, own and manage housing communities. Through its related entities - TWG Construction, LLC and TWG Management, LLC, TWG is able to see a development through from concept to lease-up and stabilization.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff
Source: HFF Inc.