Financing Arranged For Carmel Apartments
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowHFF Inc. (NYSE: HF) says it has lined up $6.5 million in financing for a multi-housing community in Carmel. The Wentworth at West Clay will use the funding to refinance existing debt and pay for property renovations.
March 11, 2015
News Release
Indianapolis, Ind. — HFF announced today that it has arranged $6.5 million in financing for Wentworth at West Clay, a 186-unit, Class A multi-housing community located within the Village of West Clay in Carmel, a suburb north of Indianapolis, Indiana.
HFF worked on behalf of the borrower, Gibralt Capital Corp. (Gibralt), to secure the three-year, floating-rate loan from Bedrock Capital Associates. Loan proceeds will be used to refinance the existing debt, pay transaction costs and finance property renovations.
The Wentworth at West Clay has 101 apartments and 85 condominiums. There are 26 one-, 60 two- and 15 three-bedroom units averaging 1,129 square feet. The 95-percent-occupied property was built in 2004 and features a clubhouse, playground, barbeque, picnic area, tennis court, 24-hour fitness center, business center, movie theatre, billiard room, private garages and three swimming pools. The community is located at 12880 University Crescent within the Village of West Clay, a master-planned community that replicates a small town and provides more than 16 miles of walking and jogging trails, in addition to more than 20 ponds and lakes in the area.
The HFF debt placement team was led by associate director Zachary Roden from HFF's Indianapolis office and managing director Rob Rizzi with HFF's New York office.
Gibralt's investments include private equity, real estate, public market securities and credit-oriented funds.
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.