Indiana

Vermillion, HED Open 119-Unit Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow April 30, 2019

FORT WAYNE, IND. — Vermillion Development, a Chicago-based real estate firm, has opened Silver Birch Fort Wayne, an affordable seniors housing community in Fort Wayne. Design and engineering firm HED partnered on the project. The 97,000-square-foot community sits on 4.2 acres and features 119 units. The assisted living facility offers studio and one-bedroom units for older adults in need of supportive housing. Silver Birch Fort Wayne is the eighth facility opened by Silver Birch Living, which is the operational arm of Vermillion. The property is adjacent to a golf course, which was recently acquired by a nearby university to be repurposed as a fitness center.

April 30, 2019

Acquisitions Healthcare Indiana Midwest

JLL Arranges Sale of 143,499 SF Outpatient Facility in Indianapolis

by Kristin Harlow April 24, 2019

INDIANAPOLIS — JLL’s Healthcare Capital Markets division has arranged the sale of a 143,499-square-foot Class A outpatient facility on the campus of Indiana University Health Methodist Hospital in Indianapolis. It is the largest hospital complex in Indiana with 1,411 staffed beds. Known as Methodist Professional Center II, the facility is fully occupied by Indiana University Health and its affiliates. Built in 1992, the four-story property sits on 1.4 acres. Mindy Berman, Justin Hill and Bruce Gordon of JLL advised the seller, Sanders Trust. Healthcare Realty Trust purchased the property for an undisclosed price.

April 24, 2019

Indiana Loans Midwest Multifamily

NorthMarq Arranges $8M Refinancing for Apartment Community in Jeffersonville, Indiana

by Kristin Harlow April 24, 2019

JEFFERSONVILLE, IND. — NorthMarq Capital has arranged an $8 million loan for the refinancing of Beech Grove Apartments in Jeffersonville. Built in 1972 and renovated in 2006, the 182-unit apartment property is located at 3014 Beech Grove Court. Noah Juran of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule and a fixed rate. A life insurance company provided the loan.

April 24, 2019

Acquisitions Indiana Midwest Multifamily Student Housing

Marcus & Millichap Brokers $33.5M Sale of Student Housing Portfolio Near Purdue University

by Kristin Harlow April 12, 2019

WEST LAFAYETTE, IND. — Marcus & Millichap has brokered the sale of a 528-bed student housing portfolio in West Lafayette near Purdue University for $33.5 million. A joint venture between Muinzer and South Street Capital purchased the 152-unit portfolio. The buildings, constructed between 1983 and 1993, are all located within walking distance of campus. Brent Silcox and Austin Meeker of Marcus & Millichap represented the undisclosed seller and procured the buyer.

April 12, 2019

Indiana Loans Midwest Multifamily

Maverick Commercial Arranges Four Loans Totaling $22.5M to Refinance Indiana Multifamily Portfolio

by Kristin Harlow April 12, 2019

PORTAGE, WEST LAFAYETTE AND VALPARAISO, IND. — Maverick Commercial Mortgage has arranged $22.5 million in refinancing for a four-property multifamily portfolio in Indiana. The assets include Breckenridge Apartments, a 168-unit property in Portage; Point West and Point West II, two manufactured housing communities in West Lafayette; and Williamsburg Manor, a 223-site manufactured housing community in Valparaiso. The four nonrecourse loans all featured 10-year terms with 30-year amortization schedules. Proceeds from the loans paid off existing debt and returned equity to the undisclosed borrower.

April 12, 2019

Development Indiana Industrial Midwest Top Stories

Brightmark Energy Receives $260M Financing for Plastics-to-Fuel Plant in Indiana

by Alex Tostado April 11, 2019

ASHLEY, IND. — Brightmark Energy has received $260 million in financing to build the nation’s first commercial-scale plastics-to-fuel plant in Ashley, a small town of fewer than 1,000 residents in the northeast corner of Indiana. The financing includes $185 million in Indiana green bonds, which were underwritten by Goldman Sachs & Co. Brightmark plans to invest $47 million in the plant, according to KPC News, a local news outlet. Brightmark is the controlling owner of RES Polyflow, an Ohio-based energy technology company that innovated the process for converting plastics directly into transportation fuel and other products. Brightmark acquired a majority interest in the company in November. Brightmark Energy Ashley Indiana will convert up to 100,000 tons of plastics into 18 million gallons per year of ultra-low-sulfur diesel and naphtha blend fuels and nearly 6 million gallons a year of commercial-grade wax in a process that is expected to be 93 percent efficient. The outputs could also be used to produce the feedstocks necessary for manufacturing plastic again, “thus creating the world’s first truly circular economy technology for plastics,” according to Brightmark. “We are excited about the market’s confidence in the validity of this technology to economically convert single-use plastics for …

April 11, 2019

Development Indiana Industrial Midwest

Greenleaf Foods to Invest $310M for Manufacturing Plant in Shelbyville, Indiana

by Kristin Harlow April 9, 2019

SHELBYVILLE, IND. — Greenleaf Foods SPC has selected Shelbyville as the location for a new plant-based protein foods production facility. The company says it will invest $310 million in the new plant and create as many as 460 jobs by the end of 2022. The 230,000-square-foot facility will double Greenleaf’s production capacity. Greenleaf has not yet selected a general contractor for the build-to-suit project. Incentives from the city and Shelby County totaled $2.5 million. The state offered up to $5 million in conditional tax credits and as much as $1 million in training grants based on job creation plans. The state also offered up to $1.25 million from the Industrial Development Grant Fund. Greenleaf makes foods under the Lightlife Foods and Field Roast Grain Meat Co. brands. The company is a wholly owned subsidiary of Toronto-based Maple Leaf Foods Inc. Established in 2018, Greenleaf is headquartered in Chicago and currently operates facilities in Seattle and Turner Falls, Mass.

April 9, 2019

Acquisitions Indiana Industrial Midwest Self-Storage

Marcus & Millichap Brokers $3.4M Sale of Self-Storage Facility in Plymouth, Indiana

by Kristin Harlow April 9, 2019

PLYMOUTH, IND. — Marcus & Millichap has brokered the sale of Discount Storage in Plymouth for $3.4 million. The 373-unit, 45,400-square-foot self-storage property is located at 16220 Lincoln Highway. Constructed in 2016, the facility features 272 non-climate-controlled units, 88 climate-controlled units, surveillance cameras and outside parking. Sean Delaney of Marcus & Millichap represented the buyer and seller. Josh Caruana assisted on the transaction as the broker of record in Indiana.

April 9, 2019

Indiana Industrial Leasing Activity Midwest

Denso Signs 311,483 SF Industrial Lease in Jeffersonville, Indiana

by Kristin Harlow March 29, 2019

JEFFERSONVILLE, IND. — Denso Products and Services Americas Inc. has signed a 311,483-square-foot industrial lease at River Ridge Commerce Center in Jeffersonville. The Opus Group developed the 426,450-square-foot building, which features a clear height of 32 feet and 44 dock positions. Denso is an automotive parts manufacturer. Kevin Groves of CBRE represented Opus in the lease transaction.

March 29, 2019

Development Indiana Industrial Midwest

Joint Venture to Develop 338,520 SF Speculative Industrial Building in Plainfield, Indiana

by Kristin Harlow March 25, 2019

PLAINFIELD, IND. — A joint venture between Distribution Realty Group LLC and a private real estate fund advised by Crow Holdings Capital have unveiled plans to develop a 338,520-square-foot speculative industrial building in Plainfield. The property will be located at 9500 Bradford Road and known as Plainfield Distribution Center. The building will feature a clear height of 32 feet, LED lighting, up to 74 dock doors and 67 trailer stalls. Brian Buschuk and Steve Schwegman of JLL will market the property for lease. Arco Murray will serve as general contractor.

March 25, 2019

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