Carmel Office Complex Buyer Secures Funding
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFinancing has been lined up for the acquisition of a Camel office complex by a New York-based management group. The more than $17 million will help cover purchase costs, improvements and projects at the eight-story Penn Mark I and five-story Penn Mark II buildings. November 13, 2014
News Release
INDIANAPOLIS, Ind. – HFF announced today that it has arranged $17.15 million in post-acquisition financing for Penn Mark I and II, a two-building office complex totaling 240,081 square feet in the northern Indianapolis suburb of Carmel, Indiana.
HFF worked exclusively on behalf of the borrower, True North Management Group, to secure the loan through TCF Bank. The loan will be used to supplement cash invested to-date for acquisition and capital costs while subsequent fundings will be used for future tenant improvements, leasing commissions and capital projects.
Penn Mark I and II are located at 11595 and 11555 N Meridian Street at the southeast corner of 116th and Meridian Streets (US 31) in the heart of the Carmel/North Meridian office submarket. Penn Mark I is an eight-story building that is 73.5 percent leased to tenants including Campbell Kyle Proffitt, Cigna, Clarian Health, NY Life Company and Orbis Education Services. Penn Mark II has five stories of office space totaling 94,899 square feet. Tenants at the 72.4 percent leased Penn Mark II include Brown & Brown, Hollingsworth and P/R Mortgage.
The HFF debt placement team representing the borrower was led by senior managing director Dave Keller and director Ken Martin.
“Penn Mark I and II are located along one of the most dynamic real estate corridors in the Indianapolis MSA,” said Martin. “Historically, this area had strictly been an office corridor but in the last few years it has undergone a dramatic conversion to a mixed-use corridor with the opening of a new hospital and development of numerous multi-housing, retail and hotel properties.”
True North Management Group, founded in 2004, is a privately held real estate investment management firm headquartered in White Plains, New York. Since inception, the firm has successfully completed more than 50 distinct debt and equity investments with more than $700 million in transaction value involving office, retail, hospitality, multifamily and other property types throughout the United States. True North currently has ownership interests in approximately 4.0 million square feet of office properties.
TCF is a Wayzata, Minnesota-based national bank holding company. As of Sept. 30, 2014, TCF had $19 billion in total assets and 382 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing, equipment finance and auto finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit www.tcfbank.com.
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 @HFF.
Source: HFF Inc.