Funding Secured For Purdue ProjectPosted: Updated:
HFF Inc. (NYSE: HF) says it has secured $16 million in financing for a Purdue University project. Seng-Liang Wang Hall will include retail, office, laboratory and classroom space.
December 4, 2014
Indianapolis, Ind. -- HFF announced today that it has secured $16 million in financing for 516 Northwestern, a 135,397-square-foot, LEED-quality retail, office, laboratory, and classroom facility recently completed on the Purdue University campus in West Lafayette, Indiana.
Working on behalf of the borrower, 516 Northwestern Associates, L.P., an affiliate of Browning Investments, HFF placed the 25-year fixed-rate loan with John Hancock Life Insurance Company. Loan proceeds were used to retire the construction financing.
The property, which is known on the Purdue campus as Seng-Liang Wang Hall ("Wang Hall"), features 122,610 square feet of Class A office/laboratory space, 12,787 square feet of street level retail space, which is partially occupied by the Purdue Federal Credit Union, and office/laboratory/research space that is occupied by Purdue University's School of Electrical and Computer Engineering. On-site amenities include surface parking, electric vehicle charging stations and a floor to ceiling glass atrium. The Class A facility, which is located directly across Northwestern Ave from The College of Engineering, is also conveniently located near the Purdue Academic Quad and Purdue’s Mackey Arena and Ross-Ade stadium along one of the most heavily traveled corridors on the Purdue campus.
The HFF debt placement team representing the borrower was led by senior managing director Dave Keller.
Founded in 1977, Browning remains one of the premier development companies in Indianapolis and is engaged in the acquisition, development, construction, leasing, management, ownership and disposition of investment real estate properties, primarily in the Indianapolis metropolitan area. In total, Browning has developed and constructed more than 15 million square feet of space. To learn more, visit www.browninginvestments.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 LP