Indiana

Hendricks Commercial Properties to Develop $260M Mixed-Use Project in Indianapolis

by Christina Cannon June 8, 2016

INDIANAPOLIS — Indianapolis Public Schools has selected Hendricks Commercial Properties to develop a former Coca-Cola bottling plant in downtown Indianapolis. The $260 million mixed-use project will encompass over 1 million square feet of space and be situated on 11 acres. The proposed development will include a boutique hotel, retail, residential units, entertainment options, creative office spaces, educational facilities and structured parking. The development will be located along Massachusetts Avenue, an arts and entertainment district.

June 8, 2016

Indiana Loans Midwest Multifamily

CBRE Arranges $9.8M Refinancing for 200-Unit Multifamily Property in Indiana

by Christina Cannon June 7, 2016

KOKOMO, IND. — CBRE Group Inc. has arranged a $9.8 million loan to refinance Legends of Wildcat Creek, a 200-unit apartment complex in Kokomo, approximately 60 miles north of Indianapolis. Jason Brown and Dan Gable of CBRE arranged the fixed-rate financing on behalf of the Diana L. Gunstra Trust. The loan features a 10-year term and 30-year amortization schedule. Legends of Wildcat Creek, located at 1762 Hogan Drive, offers one-, two- and three-bedroom units. Amenities at the property include a clubhouse, fitness center, laundry facility, swimming pool, covered parking and extra storage.

June 7, 2016

Indiana Michigan Midwest Retail

Marcus & Millichap Brokers $36M Sale of Two Midwest Retail Properties

by Christina Cannon June 6, 2016

HOLLAND, MICH. AND GOSHEN, IND. — Marcus & Millichap has brokered the sale of two Midwest retail properties for $36 million. In the first deal, the buyer purchased Felch Street Shopping Center, a 164,181-square-foot property in Holland, Mich. The Felch Street Shopping Center is shadow-anchored by Lowe’s. Other tenants include Barnes & Noble, Bed Bath & Beyond, Office Max, Old Navy, Party City, Shoe Carnival, T.J. Maxx, JoAnn Fabrics, Ulta and Jonathan Stevens Mattress. In the second deal, Willow Lakes Plaza was sold. The 139,141-square-foot center is located in Goshen, Ind. Willow Lakes Plaza is situated on a 14.8-acre site and features tenants such as Bath & Body Works, Kohl’s, Michaels, OfficeMax and Rue21. The center is shadow-anchored by Target. Simon Jonna and Raymond Jonna of Marcus & Millichap represented the seller in the transactions. The buyers and sellers in both transactions were undisclosed.

June 6, 2016

Hospitality Indiana Midwest

LaSalle Hotel Properties Agrees to Sell 622-room Marriott Indianapolis Downtown for $165M

by Christina Cannon June 3, 2016

INDIANAPOLIS — LaSalle Hotel Properties has entered into a definitive contract to sell the 622-room Marriott Indianapolis Downtown to affiliates of White Lodging Services Corp. and REI Investments for $165 million. LaSalle acquired the property in 2004 for $106 million and expects the transaction to close in the third quarter of this year. The transaction is subject to customary closing conditions, and proceeds from the deal will be used to reduce borrowings on LaSalle’s senior unsecured credit facility. The hotel features amenities such as a restaurant and bar, indoor pool, fitness center, on-site Starbucks, safe deposit boxes, business center, room service, on-site laundry and 40,000 square feet of meeting space.

June 3, 2016

Indiana Midwest Multifamily

RESOURCE Arranges Sale of 328-Unit Apartment Complex in Indianapolis

by Christina Cannon June 2, 2016

INDIANAPOLIS — RESOURCE Commercial Real Estate has arranged the sale of a 328-unit apartment community in Indianapolis. ROCO-Abington Apartments LLC purchased the property from Abington Apartments LLC for an undisclosed price. Built in 1981, Abington Apartments consists of 26 two- and three-story buildings. Amenities at the property include a clubhouse, fitness center, pool, business center, lake, carports, tennis court, extra storage, laundry room and playgrounds. The complex also offers five floor plans from which to choose. Michael Wernke of RESOURCE Commercial Real Estate brokered the transaction.

June 2, 2016

Hospitality Indiana Midwest

Homewood Suites by Hilton Opens 99-Room Hotel in Northwest Indiana

by Christina Cannon May 27, 2016

MUNSTER, IND. — Homewood Suites by Hilton has opened a new hotel in Munster, approximately 11 miles west of Gary. Homewood Suites by Hilton Munster is a 99-room hotel that features complimentary breakfast, Wi-Fi, a grocery shopping service, heated indoor pool, outdoor sports court, fitness center and a meeting room that can accommodate 80 people. The property is located at 9120 Calumet Ave. General Hotels Corp., which co-owns the property with Simborg Development Inc., also manages the Homewood Suites by Hilton Munster.

May 27, 2016

Indiana Midwest Mixed-Use

Holladay Properties to Build $37M Mixed-Use Development in Northern Indiana

by Christina Cannon May 19, 2016

PORTAGE, IND. — Holladay Properties has scheduled an August groundbreaking for The Promenade at Founders Square, a $37 million mixed-use development in Portage, approximately 10 miles east of Gary. The initial five buildings will surround Founders Square Park and offer residential space with ground-floor commercial properties. Other recent investments in The City of Portage include the new Founders Square Park, fire station, police station and an outdoor entertainment pavilion.

May 19, 2016

Indiana Midwest Multifamily Student Housing

ICAP Development to Break Ground on Highland Quarters Near Indiana State University

by Christina Cannon May 12, 2016

TERRE HAUTE, IND. — ICAP Development is set to break ground on Highland Quarters, a 60-unit, 224-bed student housing community located at 627 Cherry St. adjacent to Indiana State University in Terre Haute. The 106,000-square-foot, five-story project will feature fully furnished apartments with bed to bath parity and in-unit washers and dryers. The ground level of the project will provide roughly 6,000 square feet of retail space, secured parking for tenants and amenity spaces that will include a full-service fitness facility, study rooms and an entertainment lounge. The project is slated for completion by August 2017.

May 12, 2016

Indiana Loans Midwest Retail

Envoy Provides Construction Financing for American Mattress Store in Indiana

by Christina Cannon May 11, 2016

GREENWOOD, IND. — Envoy Net Lease Partners LLC has provided a construction loan for the development of a single-tenant retail building net leased to American Mattress in Greenwood. The deal marks Envoy’s fifth construction loan with developer Thomas English Retail Real Estate, a real estate investment and development firm based in Indianapolis. The retail development will be located at the southeast corner of West Main Street and State Route 135 near Meijer Supercenter.

May 11, 2016

Indiana Loans Midwest Multifamily Seniors Housing

Capital One Provides $5.9M Loan to Refinance Seniors Housing Facility in Indiana

by Christina Cannon April 28, 2016

PRINCETON, IND. — Capital One has provided a $5.9 million fixed-rate loan to refinance a skilled nursing facility in Princeton, approximately 150 miles southwest of Indianapolis. Joshua Rosen of Capital One originated the 35-year HUD 232/223(f) financing. The Waters of Princeton consists of 45 semi-private and five private rooms. The facility was built in 1968 with an addition completed in 1974. The borrower in the transaction was undisclosed.

April 28, 2016

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