Indiana

Embassy Suites by Hilton Opens in Noblesville, Indiana

by Kristin Harlow April 23, 2018

NOBLESVILLE, IND. — Embassy Suites by Hilton has opened in Noblesville, just north of Indianapolis. Owned and managed by Sun Development and Management, the hotel features 198 suites and more than 29,000 square feet of meeting space. Each suite includes complimentary Wi-Fi, a large high-definition television, sofa bed, microwave, mini refrigerator, coffeemaker and workspace. The Local Kitchen and Tap is the property’s on-site restaurant. Additional amenities include a fitness center, 24-hour market, indoor pool, business center and hotel shuttle. Nearby attractions include Hamilton Town Center, Ruoff Home Mortgage Music Center, Edge Adventure Parks, the Conner Prairie Living History Museum, and the Palladium at the Center for the Performing Arts.

April 23, 2018

Acquisitions Indiana Midwest Multifamily Student Housing

PEP Acquires 713-Bed Student Housing Community Near Indiana University

by Kristin Harlow April 20, 2018

BLOOMINGTON, IND. — Pierce Education Properties (PEP) has acquired Smallwood Plaza near Bloomington’s Indiana University. The 713-bed student housing community is located a half-mile from the university. Amenities include laundry rooms, study lounges and a fitness center. The new ownership plans to upgrade unit interiors with new flooring, 50-inch televisions and furniture. The seller was not disclosed.

April 20, 2018

Indiana Loans Midwest Retail

NorthMarq Secures $7.7M Construction Loan for Retail Property in Jeffersonville, Indiana

by Kristin Harlow April 19, 2018

JEFFERSONVILLE, IND. — NorthMarq Capital has arranged a $7.7 million construction loan for Jeffersonville Town Center in southern Indiana. The 64,855-square-foot retail property will be located at 1450 Veterans Parkway. The project is the first phase of a 160-acre mixed-use development. Randall Waddell of NorthMarq arranged the three-year loan with a local bank. The borrower was not disclosed.

April 19, 2018

Acquisitions Georgia Hospitality Indiana Michigan Midwest Ohio Southeast

Hospitality Ventures, Investra Capital Purchase 12-Property Hotel Portfolio

by Kristin Harlow April 13, 2018

ATLANTA — Atlanta-based Hospitality Ventures Management Group (HVMG), in conjunction with Investra Capital Group Ltd., has completed the acquisition of a 12-property hotel portfolio totaling 1,465 rooms. The purchase price was not disclosed. The portfolio comprises Marriott- and Hyatt-branded hotels across the Midwest, Southeast and Southwest. The Midwest properties include the 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.; the 147-room Courtyard Detroit Southfield in Southfield, Mich.; the 86-room Fairfield Inn & Suites Indianapolis Airport in Indianapolis; the 95-room Residence Inn Indianapolis Airport in Indianapolis; and the 113-room Courtyard Cleveland Beachwood in Beachwood, Ohio. The portfolio also includes three properties in Georgia and four properties in Texas. HVMG will operate the entire portfolio. The seller was not disclosed.

April 13, 2018

Development Indiana Industrial Midwest

Meridian to Construct 122,000 SF Industrial Build-to-Suit in Indianapolis

by Kristin Harlow April 5, 2018

INDIANAPOLIS — Meridian Design Build is constructing a 122,000-square-foot industrial build-to-suit for Ferguson Enterprises in Indianapolis. The new facility, located on a 14.8-acre site at 4110 N. Franklin Road, will serve as a distribution facility for the company’s plumbing division. The building will include a 10,000-square-foot office space, a 5,000-square-foot sales area and 106,000 square feet of warehouse space with 19 loading dock positions. The property will be able to accommodate 50,000 square feet of future expansion. A timeline for completion was not disclosed. Cornerstone Architects is providing architectural services while American Structurepoint is serving as civil engineer. Ferguson Enterprises distributes products for plumbing, HVAC, refrigeration, waterworks and industrial equipment.

April 5, 2018

Development Indiana Midwest Mixed-Use

Buckingham Cos. Begins $135M Phase II Development at CityWay in Indianapolis

by Kristin Harlow April 2, 2018

INDIANAPOLIS — Buckingham Cos. has begun the $135 million second phase of the CityWay development in Indianapolis. Residential construction for Phase II at the mixed-use development includes two five-story buildings on the west side of Delaware Street and three four-story buildings along the Cultural Trail and Virginia Street. Upon completion in 2019, the CityWay neighborhood is slated to include more than 650 apartments and over 100,000 square feet of commercial space. Franciscan Health Systems will anchor a new 20,000-square-foot office building. Plans also call for a 13,000-square-foot pharmacy. The inaugural phase of CityWay opened in 2013.

April 2, 2018

Development Indiana Midwest Multifamily Student Housing

CA Ventures Begins Construction of 675-Bed Student Housing Property Near Purdue University

by Kristin Harlow March 22, 2018

WEST LAFAYETTE, IND. — CA Student Living, the student housing investment and development arm of Chicago-based CA Ventures, has begun construction of RISE on Chauncey near Purdue University in West Lafayette. The 16-story, 675-bed student housing property will be located at 100 S. Chauncey Ave. Slated to be the tallest building in West Lafayette, the project will feature 15 stories of residences atop 11,000 square feet of street-level retail space and three levels of underground parking. The property will include a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 350 to 1,300 square feet. Approximately 9,000 square feet of indoor amenity space will include a fitness center, yoga studio and study lounge. An outdoor rooftop deck will feature a pool, fire pit, grilling stations and seating. Brinkmann Constructors is the general contractor and Shepley Bulfinch is serving as architect. Completion is slated for summer 2019.

March 22, 2018

Indiana Loans Midwest Multifamily

CBRE Arranges $1.6M Refinancing for Apartment Property in Indianapolis

by Kristin Harlow March 21, 2018

INDIANAPOLIS — CBRE has arranged a $1.6 million loan for the refinancing of Monon Station Apartments in Indianapolis. Dan Gable and Jason Brown of CBRE arranged the 10-year Freddie Mac Small Business Loan, which features a 30-year amortization schedule. Barratt Asset Management was the borrower. The 28-unit apartment property underwent a renovation in 2016.

March 21, 2018

Acquisitions Indiana Midwest Retail

HFF Arranges Sale of 407,363 SF Retail Center in Fort Wayne, Indiana

by Kristin Harlow March 20, 2018

FORT WAYNE, IND. — HFF has arranged the sale of Jefferson Pointe in Fort Wayne for an undisclosed price. The 407,363-square-foot retail center is situated on 50 acres at 4110 W. Jefferson Blvd. Tenants at the property, built in 2000, include Carmike Cinemas, Bed Bath & Beyond, Barnes & Noble, Marshalls, Ulta Beauty, Old Navy, White House Black Market, Vera Bradley, Michaels and Tucanos Brazilian Grill. A separately owned Von Maur shadow anchors the property. The vacancy rate is around 20 percent, according to The Journal Gazette. Amy Sands, Clinton Mitchell, Barry Brown, Dave Keller and Claudia Steeb of HFF represented the seller, Institutional Mall Investors LLC, which was advised by Miller Capital Advisory Inc. Jefferson Pointe Center SPE LLC purchased the asset.

March 20, 2018

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $17.1M in Financing for Renovation of Affordable Housing Community in Indianapolis

by Kristin Harlow March 20, 2018

INDIANAPOLIS — KeyBank Community Development Lending & Investment has provided $17.1 million in financing for the renovation of Lakes at Crossridge, an affordable housing community in Indianapolis. Victoria O’Brien and Al Beaumariage of KeyBank originated the financing, which included a $10.2 million Freddie Mac tax-exempt loan and a $6.9 million LIHTC (Low-Income Housing Tax Credit) equity investment. Formerly known as Farmington Lake Apartments, the property features 252 units across 21 buildings. All of the one- and two-bedroom units are reserved for residents earning at or below 60 percent of the area median income. The renovation plan includes replacement of all HVAC systems, water heaters, doors and windows, and the installation of energy-efficient fixtures. Planned community improvements include a new computer lab, a key fob building entry system, new playground, bike racks, outdoor entertainment areas and a camera security system.

March 20, 2018

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