INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $12.3 million refinancing for The Springs Apartments (top left photo), a 180-unit, Class A multi-housing community in Indianapolis, Indiana.Working on behalf of The Springs Luxury Waterfront Apartments LLC, professionally managed by Becovic Management Group of Indiana, HFF senior managing director Dave Keller (middle right photo) and managing director Jon Everson (middle left photo) placed the loan with a correspondent life insurance company.
“The borrower requested a quick closing and waiver of all escrows, including taxes, insurance and replacement reserves and HFF was very pleased to have successfully satisfied all these requirements,” said Everson.
The Springs Apartments is situated on 12.5 acres at 8851 Springside Lane East in northwest Indianapolis.
The property has 18 two-story buildings with one- and two-bedroom units averaging 980 square feet each. Residents have access to a clubhouse, swimming pool, tennis court and playground. The Springs Apartments is 97% leased.
“The property benefits from strong occupancy levels as a result of a recent renovation, strong management and a highly desirable infill location inside Interstate 465 and within close commuting distance to St. Vincent Hospital, other medical related uses and nearby office parks,” added Everson.
The property has 18 two-story buildings with one- and two-bedroom units averaging 980 square feet each. Residents have access to a clubhouse, swimming pool, tennis court and playground. The Springs Apartments is 97% leased.
Contact:
DAVID B. KELLER, HFF Senior Managing Director, (317) 632-7500, dbkeller@hfflp.com
JONATHAN P. EVERSON, HFF Managing Director, (317) 632-7505, jeverson@hfflp.com
KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500
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