Indiana

TWG Breaks Ground on $12M Affordable Housing Community in Muncie, Indiana

by Kristin Harlow January 24, 2022

MUNCIE, IND. — Developer TWG has broken ground on River Bend Flats, a $12 million affordable housing community in Muncie, about 50 miles northeast of Indianapolis. The three-story, 60-unit project will be located at 1800 Burlington Drive. Units will be reserved for renters earning up to 60 percent of the area median income. Amenities will include a clubhouse and playground. Completion is slated for spring 2023. The project was made possible with support from the City of Muncie and low-income housing tax (LIHTC)credits from the Indiana Housing and Community Development Authority.

January 24, 2022

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 248,363 SF Industrial Portfolio in Metro Indianapolis

by Kristin Harlow January 17, 2022

INDIANAPOLIS — Colliers has brokered the sale of a seven-building industrial portfolio totaling 248,363 square feet in metro Indianapolis for more than $25 million. Five of the buildings are located in Indianapolis while two are in Noblesville. Alex Cantu and Alex Davenport of Colliers represented the seller, GDW Properties. The portfolio sold to separate buyers, including Exeter Property Group, Biynah Industrial Partners, Trip Portfolio LLC and an unnamed private investor.

January 17, 2022

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Underway on $23M Workforce Housing Community in Bloomington, Indiana

by Kristin Harlow January 14, 2022

BLOOMINGTON, IND. — The Annex Group has closed on funding and started construction of The Annex of Bloomington, a $23 million workforce housing community in Bloomington. The 102-unit, two-building property will be situated within an area called the University Village Downtown Character Overlay District. Completion is slated for spring 2023. The project team includes general contractor Gilliatte General Contractors Inc., architect KTGY and engineer Smith Design Group Inc. Star Financial Bank provided $18.1 million in funding. Bloomington has a high population of renters, and the student population of Indiana University puts a strain on the market, according to Kyle Bach, CEO of Annex. Bach says this new project is in response to the need for housing in the area. A percentage of the units are restricted for residents earning below 120 percent of the area median income.

January 14, 2022

Indiana Loans Midwest Multifamily

Berkadia Arranges $17.3M Loan for Refinancing of Indianapolis Multifamily Property

by Kristin Harlow January 13, 2022

INDIANAPOLIS — Berkadia has arranged a $17.3 million Freddie Mac loan for the refinancing of Creekside Square in Indianapolis. The 192-unit, garden-style multifamily property was built in 1994. Amenities include a clubhouse, playground, covered parking and onsite management. Located at 5836 Hunnewell Drive, the property offers convenient access to both I-65 and I-465. Jason Brown and Austin Katai of Berkadia arranged the seven-year loan, which features a 30-year amortization schedule. Indianapolis-based Zidan Management Group Inc. was the borrower.

January 13, 2022

Acquisitions Indiana Midwest Retail

JLL Brokers Sale of 150,163 SF Shopping Center in Fort Wayne, Indiana

by Kristin Harlow January 12, 2022

FORT WAYNE, IND. — JLL Capital Markets has brokered the sale of Apple Glen Crossing in Fort Wayne for an undisclosed price. The 150,163-square-foot property is an open-air power center anchored by Best Buy and Dick’s Sporting Goods. Apple Glen Crossing is 94 percent leased. Additional tenants include Shoe Carnival, PetSmart, Ulta Beauty, Cali Nails and Sports Clips. Built in 2000, the property sits on 17 acres along Apple Glen Boulevard. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murry of JLL represented the seller, Brixmor Property Group. Berengaria Development, the real estate arm of Marcus Investments LLC, was the buyer.

January 12, 2022

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

Evergreen Real Estate Group to Develop Income-Restricted Assisted Living Community in Indiana

by Kristin Harlow January 11, 2022

VALPARAISO, IND. — Evergreen Real Estate Group has secured financing to build Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor and plans to begin preliminary site work this month. Completion is slated for early 2023. The $30 million project will offer 48 studio and 72 one-bedroom units, all of which will be reserved for seniors age 62 or older whose incomes are at or below 60 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, beauty salon, library, garden and outdoor area. Gardant Management Solutions will manage the property. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler. PNC Bank provided LIHTC equity.

January 11, 2022

Indiana Midwest

Ball State Economist: December Jobs Report Shows Volatile Labor Markets

by Kristin Harlow January 10, 2022

MUNCIE, IND. — The December jobs report “again disappointed,” says Dr. Michael Hicks, director of the Center for Business and Economic Research at Ball State University in Muncie. The U.S. Bureau of Labor Statistics reported non-farm payroll employment grew by 199,000 in December, but Hicks says the consensus estimate by economists was 447,000 new jobs. The December report followed on the heels of somewhat tepid job growth figures in November as well. Average hourly earnings were up 4.7 percent from December 2020, according to the Bureau of Labor Statistics. According to Hicks, wages accelerated in December 2021 growing at an annualized 7.3 percent, suggesting continued strong demand for workers. But labor markets continue to be volatile with significant turnover. “This job report signals higher wage costs that are not matched by large employment gains,” says Hicks. “This complicates discussion about raising interest rates to reduce inflationary risks.”

January 10, 2022

Acquisitions Indiana Midwest Retail

Stan Johnson Co. Negotiates $22.3M Sale of Retail Center in Terre Haute, Indiana

by Kristin Harlow January 7, 2022

TERRE HAUTE, IND. — Stan Johnson Co. has negotiated the $22.3 million sale of Honey Creek Marketplace in Terre Haute, about 80 miles southwest of Indianapolis. The 107,733-square-foot shopping center is located at 4428 S. U.S. Highway 41. The property, built in 2015, is fully leased to seven tenants. The anchor tenants are Fresh Thyme Farmers Market and Academy Sports + Outdoors. Mark Lovering of Stan Johnson represented the seller, a Texas-based developer. Christian Tremblay of Stan Johnson represented the buyer, a Wisconsin-based institutional investor.

January 7, 2022

Indiana Loans Midwest Multifamily

Marcus & Millichap Arranges $17.4M Loan for Refinancing of Indianapolis Apartment Property

by Kristin Harlow January 6, 2022

INDIANAPOLIS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17.4 million loan for the refinancing of Nine+Eighteen Apartments in Indianapolis. Located at 918 Fort Wayne Ave. and built in 2020, the five-story property consists of 80 apartment units and 2,500 square feet of ground-floor retail space. Robert Bhat of MMCC arranged the nonrecourse loan, which features a 10-year term and a loan-to-value ratio of 70 percent. The lender was not disclosed.

January 6, 2022

Acquisitions Indiana Midwest Multifamily

Triad Real Estate Partners Arranges $9.3M Sale of Apartment Building in Frankfort, Indiana

by Kristin Harlow January 5, 2022

FRANKFORT, IND. — Triad Real Estate Partners has arranged the $9.3 million sale of Nickel Plate Flats and Lofts in Frankfort, about 50 miles northwest of Indianapolis. Developed in 2018 and located at 55 N. Jackson St., the apartment building includes 79 units. The property was fully leased at the time of sale. An Indiana-based developer sold the asset to a Chicago-based private investor.

January 5, 2022

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