CARMEL, IND. — KeyBank Real Estate Capital (KBREC) has arranged a $57 million fixed-rate loan with a national life insurance company for the refinancing of The Steadman Apartment Homes, a newly completed multifamily property in the Indianapolis suburb of Carmel. The loan proceeds will be used to refinance outstanding construction debt. Completed in 2024, the property was 60 percent leased as of March 2025. The Steadman features 263 units, with floor plans averaging 1,007 square feet. Amenities include a fitness center, coworking and conference rooms, a pet spa, community lounge, game lounge, golf simulator, dog park, rooftop lounge, pool, outdoor courtyard and coffee bar. Indianapolis-based Cityscape Residential was the borrower. Samantha Miller and Greg Halvorson of KBREC arranged the financing.
BROWNSBURG, IND. — Marcus & Millichap has arranged the $4.3 million sale of a single-tenant, net-leased industrial building in the Indianapolis suburb of Brownsburg. Located at 464 Southpoint Circle, the property comprises 64,176 rentable square feet on 5.6 acres. Built in 1975, the facility is fully occupied by Nucleated Technologies. Sam Curtis, Joseph DiSalvo and Forest Bender of Marcus & Millichap represented the seller. The all-cash transaction closed in under 30 days.
NOBLESVILLE, IND. — Marcus & Millichap has brokered the sale of Deer Chase Apartments in the Indianapolis suburb of Noblesville. Built in 2004, the 288-unit multifamily property features a mix of two-, three- and four-bedroom floor plans. Amenities include a fitness center, pool, sports courts, a playground and picnic area. The asset is located near the shopping destination Hamilton Town Center. Tony Rogers, Aaron Kuroiwa, Austin Meeker and Teddy Kenny of Marcus & Millichap represented the seller, the property’s original developer, and procured the buyer, a locally owned and operated company.
AUBURN HILLS, MICH. — Automaker Stellantis (NYSE: STLA), parent company of brands including Jeep, Dodge and Ram, has unveiled plans to invest $13 billion over the next four years to grow its business in the U.S. market and increase its domestic manufacturing footprint. The investment, the largest in the company’s 100-year U.S. history, will support the introduction of five new vehicles across the brand portfolio; production of the all-new four-cylinder engine; and the addition of more than 5,000 jobs at plants in Illinois, Ohio, Michigan and Indiana. Stellantis says the investment will increase its annual finished vehicle production in the United States by 50 percent over current levels. The new product launches will be in addition to 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029. In Illinois, Stellantis plans to invest more than $600 million to reopen the Belvidere Assembly Plant to expand production of the Jeep Cherokee and Jeep Compass for the U.S. market. Initial production launch is expected in 2027, and the company anticipates the creation of roughly 3,300 new jobs. With an investment of nearly $400 million, Stellantis plans to move assembly of an all-new midsize truck from Belvidere to the …
ELKHART, IND. — Merchants Capital has arranged $70 million in financing for the construction of Flats at Pinecreek, a 252-unit workforce housing development in Elkhart. Holladay Properties is the developer. Merchants Capital secured a $35 million Freddie Mac Forward Commitment permanent loan and a $35 million construction loan provided by Merchants Bank. Flats at Pinecreek will be supported via an 18-year tax-increment financing structure. Roughly 25 percent of the units will be reserved for residents earning between 60 and 80 percent of the area median income, with the remaining units provided at market rate. Flats at Pinecreek will include seven three-story buildings and a clubhouse. There will be 126 one-bedroom units, 105 two-bedroom units and 21 three-bedroom residences. Amenities will include a fitness center, pool, dog park, lounge and coffee bar, grill stations and a package delivery hub. Construction has commenced, and completion is slated for January 2027.
ELKHART, IND. — Graycor has completed a 171,000-square-foot distribution center for Amazon at 2675 Aeroplex Drive in Elkhart. The facility, dubbed DII5, will be Amazon’s first owner-occupied mass timber delivery station, with the project seeking Zero Carbon Certification from the Living Future. The 39-acre project features mass timber construction as opposed to traditional concrete and structural steel. ZGF was responsible for the building design, and Atlantic AE served as the architect of record throughout construction. More than 200 Amazon and contract employees will work at the facility handling local fulfillment.
MISHAWAKA, IND. — Eastern Union has secured $15.9 million in financing toward the condo conversion of River Rock Apartments, an 82-unit property in Mishawaka. The five-story asset is located at 116 W. Mishawaka Ave., six miles east of South Bend. Built in 2015 and 2016, the property features eight commercial units spanning 4,385 square feet that will remain after conversion. The site also includes a 31,027-square-foot parking garage. Joe Siegfried of Eastern Union arranged the three-year loan, which features an 8 percent interest rate, a 75 percent loan-to-value ratio and interest-only payments. Republic Bank provided the loan on behalf of the undisclosed borrower.
INDIANAPOLIS — Associated has signed a full-building, 89,612-square-foot industrial lease at The Midway Building at 5770 Decatur Blvd. in Indianapolis. Corey Chase of Newmark represented the tenant in the lease, which represents a nearly 60,000-square-foot expansion from Associated’s previous space in the same corridor. Owned by Holladay Properties, the facility features 5,425 square feet of office space, a clear height of 24 feet, 21 dock doors, two drive-in doors and more than 250 parking spaces. Delivered in 2004, The Midway Building offers convenient access to I-70, I-465 and I-69 and is located near FedEx and UPS distribution hubs. Brian Seitz, Griffin Seitz and Brian Buschuk of JLL represented the landlord. Founded in 1960, Associated provides engineering, fleet management and labor optimization services supported by equipment sales, service, rentals and parts. The company is a subsidiary of The Raymond Corp., a Toyota Industries company.
INDIANAPOLIS — CBRE has arranged the sale of a 1.3 million-square-foot, seven-property industrial portfolio in Indianapolis for $107.3 million. Judd Welliver, Zach Graham, Ryan Bain, Bentley Smith, Michael Caprile and Joe Horrigan of CBRE represented the seller, Arcapita. Billy Mork, Mike Vannelli and Joel Torborg of CBRE arranged $64.4 million in acquisition financing on behalf of the buyer, Capital Partners. The fixed-rate loan features interest-only payments for the full term. CBRE’s JD Graves and Chris Black will handle marketing and leasing for the portfolio.
PLAINFIELD, IND. — Chicago-based HSA Commercial Real Estate has inked a new 68,486-square-foot industrial lease with home furnishings retailer Ashley DSG at Gateway Industrial V in Plainfield near the Indianapolis International Airport. The deal returns the 262,758-square-foot building in HSA’s Gateway Business Park to full occupancy. Memphis, Tenn.-based Ashley DSG maintains 166 locations in the United States and Canada. The company will use its space at Gateway V to warehouse and distribute home furnishings. The lease is a relocation and expansion from the company’s existing location in the Indianapolis area. HSA oversaw tenant improvements, including racking and upgrades to the truck dock area. Developed on a speculative basis and delivered in 2019, Gateway V features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 parking stalls and 70 trailer positions. The warehouse is also home to auto glass distributor Mygrant Glass Co., Paris-based aerospace firm Safran Nacelles and transplant solutions provider LifeNet. Tom Niessink of Niessink Commercial Real Estate represented Ashley DSG in the lease. Terry Busch and Jared Scaringe of CBRE represented ownership.
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