ARCADIA, IND. — BWE has secured a $6.3 million USDA RHS 538 GRRHP loan to provide construction and permanent financing for the renovation of Hamilton Place, a 54-unit affordable housing property in Arcadia, about 45 miles north of Indianapolis. Lundat Kassa and Bob Morton of BWE arranged the loan with a 38-year term and 40-year amortization. The property’s units are spread across three single-story garden homes, two two-story townhomes and one apartment building, all of which are set to be renovated. The units are reserved for tenants earning up to 60 percent of the area median income. Renovated amenities will include a community room, computer center, playground, basketball court, exercise room and walking path. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.
MERRILLVILLE, IND. — Marcus & Millichap has brokered the $4 million sale of Crossroads Plaza, a 184,721-square-foot shopping center in Merrillville, a northern suburb of Chicago. Located at 6110 Broadway, the property is anchored by Ruler Foods, Trader Buck’s and Treasure Hunt Deals. Ruler Foods, a subsidiary of Kroger, is the only grocer within a three-mile radius. Additional tenants include Family Dollar, Subway, Papa John’s and Rent-A-Center. Eric Abbott, Andrew Margulies, Adam Sklaver and Philip Kates of Marcus & Millichap represented the seller in partnership with AM Group and utilized Marcus & Millichap’s auction platform to execute the sale.
FOWLER AND RENSSELAER, IND. — BWE has arranged a $10.8 million USDA RHS 538 GRRHP loan to provide permanent financing for the renovation of two affordable housing properties totaling 132 units in Indiana. Madison Cottages of Benton County, located in Fowler, totals 61 units across eight buildings. Madison Cottage of Rensselaer features 71 units across 12 buildings. All of the units are reserved for tenants earning up to 60 percent of the area median income. Lundat Kassa and Bob Morton of BWE structured the loan with a 40-year term and amortization. The project received additional financing through the use of 4 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.
INDIANAPOLIS — CBRE has negotiated the sale-leaseback of an industrial portfolio in Indianapolis for $12.7 million. Located on nearly 15 acres at 1220, 1254 and 1310 S. West St., the portfolio comprises three buildings and a truck and trailer lot. The seller, Sodrel Truck Lines Inc., will lease back all of the properties for at least one year. The property at 1310 S. West St. is home to a truck terminal building totaling 25,856 square feet that features 70 dock-height doors and four drive-in doors as well as five driver rest suites, a driver lounge, exercise facility and service garage. The two buildings at 1254 S. West St. feature one truck maintenance building (19,180 square feet) and a truck wash and fueling building (4,358 square feet). The last parcel includes a 6.1-acre paved and fenced truck and trailer lot. The site houses more than 180 trailers. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo, Bryan Johnson, JD Graves and Sarah Greer of CBRE represented the seller. A private high-net-worth investor was the buyer.
INDIANAPOLIS — Colliers has brokered the sale of a 263,230-square-foot industrial facility in Indianapolis for an undisclosed price. The fully leased property sits on 13.5 acres within the Stout Field Industrial Park and provides immediate access to I-70. The building features 24 truck docks, clear heights ranging from 21 to 35 feet, heavy industrial zoning, four acres of excess ground for expansion or outside storage, 30,000 square feet of freezer space, rooftop solar panels and rail service with nine loading docks. Alex Cantu, Alex Davenport, Tyler Wilson and Mike Lubbers of Colliers represented the seller, The O’Donnell Group Inc. Cleveland-based The Realife Management Group was the buyer.
PLAINFIELD, IND. — Lauth Communities has acquired Apex at Perry Crossing Apartments in the Indianapolis suburb of Plainfield for an undisclosed price. Built in 2023, the garden-style development features a resort-style pool, resident clubhouse, fitness center, coworking area, pickleball court, fenced pet park, game lounge and maker’s room. There are 15 residential buildings on the 26.2-acre property. Floor plans range from 721 to 1,381 square feet. There are also townhome-style floor plans with hallway garage access. Hannah Ott and Cam Benz of CBRE represented the undisclosed seller. Krieg DeVault assisted Lauth with its purchase.
JEFFERSONVILLE, IND. — JLL Capital Markets has negotiated the $67.2 million sale of Lakeside Gardens, a 360-unit luxury apartment community in Jeffersonville within metro Louisville. Built in 2022, the property features units averaging 1,244 square feet. The community was 95 percent leased at the time of sale. Amanda Friant, Mark Stern and Colleen Watson of JLL represented the sellers, a joint venture partnership between Denton Floyd Real Estate Group, LDG Development and a private investor. Medina Spiodic, Matthew Schoenfeldt and Becca Brielmaier of JLL arranged $42.7 million in acquisition financing on behalf of the buyer, S&S Properties. The Fannie Mae loan featured a seven-year term and a fixed interest rate.
INDIANAPOLIS — Colliers has brokered the sale of 130 E. Washington Street in downtown Indianapolis for an undisclosed price. Built in 1922, the 211,995-square-foot historic office building is home to ANGI, USA Track & Field and T&M Associates. Rachel Patten, Matt Langfeldt and Rich Forslund of Colliers brokered the sale. The buyer, Indiana-based Holladay Properties, plans to convert the 12-story building into 180 apartment units with retail space beginning this spring.
INDIANAPOLIS — Barings and affiliates of Apollo have jointly originated a $113 million debt package to refinance the Westin Indianapolis hotel. An affiliate of KSL Capital Partners has owned the downtown property since 2019. The loan was structured with mezzanine and senior mortgage components. Barings funded the mezzanine component of the loan, with Apollo affiliates originating the senior portion. Originally built in 1989, the hotel was fully renovated from 2020 to 2022. The property features 575 guestrooms, 48,300 square feet of total event space, a new food and beverage outlet and a recently renovated fitness center. Eastdil Secured advised the borrower.
INDIANAPOLIS — Standard Real Estate Investments LP and Arrow Street Development have sold Wesley Place, a 244-unit luxury apartment complex in downtown Indianapolis. The complex marks the only luxury residential building in the Medical District and was built in 2023 as part of Standard’s strategic investment program with Belay Investment Group LLC. Situated on 2 acres, the community is within walking distance of Indiana University Health Campus, a $4.3 billion expansion and redevelopment project that broke ground in 2022. Wesley Place was 91 percent leased at the time of sale. Amenities include a game room, resident lounge, pet spa, fitness center, bike storage and an interior courtyard with a pool deck. Wesley Place also includes 3,000 square feet of street-level retail space and parking for 327 vehicles. Amanda Friant, Ken Martin, Mark Stern, Zach Kaufman and Sam Grohe of JLL represented the sellers. The buyer and sales price were undisclosed.