Indiana

Greystone Provides $40.3M Loan for Refinancing of Hidden Creek Apartments in Crown Point, Indiana

by Kristin Harlow January 18, 2024

CROWN POINT, IND. — Greystone has provided a $40.3 million Freddie Mac loan for the refinancing of Hidden Creek Apartments in Crown Point, a city in Northwest Indiana. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 10-year term and a fixed interest rate. Originally constructed in 1976, the 432-unit property features one- and two-bedroom units spread across 12 buildings. Amenities include a pool, fitness room, playground, disc golf course and clubhouse. The borrower, Bayshore Properties, purchased the community in 2021 with bridge financing and completed $725,000 in capital improvements to more than 25 percent of the units as well as exterior renovations totaling $659,000.

January 18, 2024

Indiana Loans Midwest Multifamily Student Housing

Greystone Monticello Provides $36.3M in Bridge Financing for Indiana Student Housing Property

by Kristin Harlow January 12, 2024

BLOOMINGTON, IND. — Greystone Monticello has provided a $36.3 million bridge loan for a 226-unit student housing property in Bloomington. Greystone intends to transition the asset to a permanent exit with a HUD-insured green financing. Michael Zukerman and Adam Lipkin of Greystone originated the loan. Borrower information was not provided. The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.

January 12, 2024

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $2.7M Sale of Retail Center in Merrillville, Indiana

by Kristin Harlow January 12, 2024

MERRILLVILLE, IND. — Marcus & Millichap has arranged the $2.7 million sale of a 29,335-square-foot retail center located at 2871 E. 81st Ave. in Merrillville. The property is 93 percent leased and is shadow anchored by Home Depot and Target. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the Chicago-based buyer.

January 12, 2024

Acquisitions Healthcare Indiana Midwest

JLL Arranges Sale of 64-Bed Inpatient Behavioral Facility in Greenwood, Indiana

by Kristin Harlow January 5, 2024

GREENWOOD, IND. — JLL Capital Markets has arranged the sale of the Medical Behavioral Hospital of Indianapolis for an undisclosed price. The 64-bed, 42,609-square-foot inpatient behavioral facility is located in the Indianapolis suburb of Greenwood. Constructed in 2022, the property offers general acute care psychiatric services. It serves as the second location in Indianapolis NeuroPsychiatric Hospitals, a provider of inpatient behavioral health services with seven hospitals. There are 19 years remaining on the lease for the Greenwood facility. Mindy Berman, Brannan Knott and Vasili Davos of JLL represented the seller, Medistar, and arranged acquisition financing on behalf of the undisclosed buyer.

January 5, 2024

Acquisitions Indiana Industrial Midwest

CBRE Brokers $28.4M Sale of Industrial Facility in Suburban Indianapolis

by Kristin Harlow January 4, 2024

WHITESTOWN, IND. — CBRE has brokered the $28.4 million sale of Building 3 within Park 130 at Whitestown. The 319,336-square-foot industrial facility is located at 6040 Commerce Drive in the Indianapolis suburb of Whitestown. The Class A building is triple net leased to three national companies. The property features a clear height of 28 feet, 61 truck docks and four drive-in doors. Kevin Foley, Anthony DeLorenzo, Andrew Morris and Jeremy Woods of CBRE represented the undisclosed seller. The property sold to a high-net-worth buyer from California.

January 4, 2024

Development Indiana Industrial Midwest Self-Storage

StorageMart Opens 785-Unit Self-Storage Facility in Indianapolis

by Kristin Harlow January 2, 2024

INDIANAPOLIS — StorageMart has opened a new self-storage facility on East Washington Street in Indianapolis. The property offers 785 units with 82,159 rentable square feet of climate-controlled space in assorted sizes. Security features include 24/7 video surveillance, PIN entry access and motion sensor lighting. Founded in 1999 in Missouri, StorageMart operates more than 250 locations across the United States, Canada and the United Kingdom.

January 2, 2024

Indiana Leasing Activity Midwest Retail

Nordstrom Rack to Open 25,000 SF Store in Noblesville, Indiana

by Kristin Harlow December 22, 2023

NOBLESVILLE, IND. — Nordstrom Inc. has unveiled plans to open a new Nordstrom Rack store in Noblesville, a northeast suburb of Indianapolis. The 25,000-square-foot store is slated to open in fall 2024 and will be situated within Hamilton Town Center, a shopping center that is home to Ulta, Ross Dress for Less, Dick’s Sporting Goods and Total Wine & More. Simon Property Group owns and manages the center. Nordstrom Rack is the off-price retail division of Nordstrom. With this new location, the company operates three Nordstrom Rack stores and one Nordstrom store in Indiana.

December 22, 2023

Indiana Industrial Leasing Activity Midwest

Red Bull Signs 33,909 SF Industrial Lease in New Haven, Indiana

by Kristin Harlow December 21, 2023

NEW HAVEN, IND. — Red Bull has signed a seven-year, 33,909-square-foot industrial lease at 10821 Rose Ave. in New Haven, just east of Fort Wayne. The building is part of the larger Cedar Oak industrial development. Chad Voglewede and Bill Drinkall of Bradley Co. represented the landlord, Cedar Oak Venture.

December 21, 2023

Indiana Leasing Activity Midwest Retail

Starbucks, Chipotle Sign Leases at Planned Shopping Center in Fort Wayne, Indiana

by Kristin Harlow December 18, 2023

FORT WAYNE, IND. — Starbucks Corp. and Chipotle Mexican Grill have signed 10-year leases to open at the planned Wood Creek Commons shopping center in Fort Wayne. The retailers are slated to open in the second quarter of 2024. Dave Horacek and Steve Chen represented the landlord, an entity doing business as BRV-V LLC, in both leases. Starbucks leased a 2,540-square-foot standalone building, while Chipotle leased a 2,325-square-foot standalone building.

December 18, 2023

Affordable Housing Indiana Loans Midwest Multifamily

BWE Arranges $19.7M in Acquisition, Rehabilitation Financing for Trio of Indiana Affordable Housing Properties

by Kristin Harlow December 15, 2023

ARCADIA, RENSSELAER AND FOWLER, IND. — BWE has arranged $19.7 million in financing for the acquisition and rehabilitation of three affordable housing properties in rural Indiana. Lundat Kassa and Bob Morton of BWE arranged the financing on behalf of Vita Investment Holdings LLC, an Indiana-based developer of affordable and seniors housing communities. Vita acquired the properties to preserve their long-term affordability for residents. The financing consisted of two loans, including a construction loan from Fifth Third Bank. BWE also secured a $17.1 million loan through the USDA 538 Forward Permanent Loan program. The nonrecourse loan features a 40-year amortization schedule. Vita also utilized 4 percent Low-Income Housing Tax Credits to finance the project. The three properties include: Hamilton Place, which totals 54 units in Arcadia; Madison Cottage of Rensselaer, which includes 71 units in Rensselaer; and Madison Cottage of Benton County, a 51-unit building in Fowler. The developments will be preserved as affordable to residents who earn up to 60 percent of the area median income. All three properties will receive improvements to mechanical systems and the unit interiors will be enhanced. Community amenities will also be upgraded.

December 15, 2023

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