Indiana

PCCP, Strategic Capital Partners to Develop Two Industrial Buildings Totaling 500,000 SF in Indianapolis

by Kristin Harlow November 13, 2017

INDIANAPOLIS — A joint venture between PCCP and Strategic Capital Partners LLC (SCP) is developing two industrial buildings at Metro Air Business Park in Indianapolis. Buildings Two and Six will total 500,000 square feet. The $27 million development is slated for completion in the second quarter of 2018. SCP began developing the business park in 2006. The property will total more than 1.2 million square feet upon completion. Current tenants include DJ Ortho, Rolls Royce, Fiserv Solutions, Expeditors International, TRICOR Braun and Hiab USA. SCP acquired the property, located less than one mile from the Indianapolis International Airport, from the Indianapolis Airport Authority.

November 13, 2017

Hospitality Indiana Loans Michigan Midwest

KeyBank Provides $69.9M CMBS Loan for Refinancing of Hotel Portfolio in Indiana and Michigan

by Kristin Harlow November 9, 2017

INDIANA AND MICHIGAN — KeyBank Real Estate Capital has provided a $69.9 million CMBS loan for the refinancing of an eight-property hotel portfolio in Indiana and Michigan. The 694-room portfolio consists of four extended-stay Homewood Suites by Hilton hotels and four limited-service Hilton Hampton Inn hotels located in various cities across Indiana and Michigan. Jake Proctor of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. HRC Hotels was the borrower.

November 9, 2017

Healthcare Indiana Midwest

Franciscan Alliance Acquires 35,000 SF Former Hospital in Hobart, Indiana

by Kristin Harlow November 9, 2017

HOBART, IND. — Franciscan Alliance Inc. has acquired a 35,000-square-foot former hospital in Hobart, about 40 miles southeast of Chicago. The purchase price was not disclosed. Most recently known as Hind General Hospital, the single-story building has been vacant since 2014. The property is situated on 17 acres at the corner of 61st and Lake Park avenues. Michael Siwietz and Jeff Bennett of McColly Bennett and Steve Malley of Lee & Associates brokered the sale on behalf of ownership, Hanmi Bank. Ken Catellier of Tonn and Blank Construction Inc. represented Franciscan Alliance, which is a 14-hospital health system that includes clinics, home health services and doctors serving Indiana and Illinois.

November 9, 2017

Indiana Midwest Multifamily

Woda Group Opens 38-Unit Affordable Seniors Housing Property in Kendallville, Indiana

by Kristin Harlow November 6, 2017

KENDALLVILLE, IND. — The Woda Group Inc. has opened Atz Place in Kendallville in northeastern Indiana. The 38-unit affordable seniors housing property features 24 one-bedroom units and 14 two-bedroom units. Amenities include a lobby, community room, grandchild room, fitness room and laundry. Funding for Atz Place, built on the site of the former Atz Ice Cream Shoppe at 301 E. Wayne St., was made possible through federal housing tax credits allocated by the Indiana Housing Community and Development Authority. R4 Capital invested in the housing tax credits, while Huntington Bank provided the construction loan. Preferred Building Supply LLC provided a construction donation for the project.

November 6, 2017

Hospitality Indiana Midwest

DoubleTree by Hilton Opens in Lafayette, Indiana

by Kristin Harlow November 1, 2017

LAFAYETTE, IND. — DoubleTree by Hilton Lafayette East has opened in Lafayette, 63 miles northwest of Indianapolis. The 128-room hotel is located at 155 Progress Drive off I-65. Dora Hotel Co. LLC will own and operate the property in partnership with local developer Roy Meeks. Amenities include an indoor pool, business center, outdoor courtyard with fire pit, fitness center and 3,000 square feet of meeting space. Executive Chef Raul Roges heads the on-site Made Market restaurant and lounge as well as the banquet department.

November 1, 2017

Hospitality Indiana Loans Midwest Top Stories

Ashford Hospitality Trust Closes $427M Refinancing for 17-Property Hotel Portfolio

by Nellie Day November 1, 2017

DALLAS — Ashford Hospitality Trust (NYSE: AHT) has closed a $427 million refinancing of 17 properties within its hotel portfolio. The hotels in the portfolio are situated throughout the West, Midwest and South. The new loan is expected to result in annual interest savings of about $9.8 million. Properties included in the portfolio are — Courtyard Alpharetta, Georgia — Courtyard Bloomington, Indiana — Courtyard Crystal City, Virginia — Courtyard Foothill Ranch, California — Embassy Suites Austin, Texas — Embassy Suites Dallas, Texas — Embassy Suites Houston, Texas — Embassy Suites Las Vegas, Nevada — Embassy Suites Palm Beach, Florida — Hampton Inn Evansville, Indiana — Hilton Garden Inn Jacksonville, Florida — Hilton Nassau Bay, Texas — Hilton St. Petersburg, Florida — Residence Inn Evansville, Indiana — Residence Inn Falls Church, Virginia — Residence Inn San Diego, California and — Sheraton Indianapolis, Indiana The new mortgage loan has a two-year initial term and five, one-year extension options. The loan is interest-only features a floating interest rate of LIBOR plus 3 percent. The previous mortgage loan that was refinanced was the BAML 17 Pool loan with a final maturity date in December 2021. “The early execution of this refinancing provided us with …

November 1, 2017

Indiana Loans Midwest Multifamily

Pillar Provides $23.3M Refinancing for Two Apartment Properties in Indianapolis

by Kristin Harlow October 31, 2017

INDIANAPOLIS — Pillar Financial has provided $22.3 million in Fannie Mae loans for the refinancing of two apartment properties in Indianapolis. Echo Ridge, constructed in 2003, features 208 apartment units. English Village also consists of 208 one- and two-bedroom units. Both properties are located on the southeast side of Indianapolis in a workforce housing area, which targets renters earning incomes of approximately 80 percent of the area median income. Joe Markech of Pillar originated a $13.3 million loan for Echo Ridge and a $10 million loan for English Village. The 10-year loans feature 30-year amortization schedules. David Ross of Crossroads Realty Advisors arranged the financing.

October 31, 2017

Hospitality Indiana Midwest

Mumford Co. Brokers Sale of 63-Room Hotel in Greenfield, Indiana

by Kristin Harlow October 24, 2017

GREENFIELD, IND. — Mumford Co. has brokered the sale of Country Inn & Suites in Greenfield, about 25 miles east of Indianapolis. The sales price was not disclosed. The 63-room hotel features an indoor pool, business center and meeting space. David Mumford and George Arvanitis represented the seller, RP Investments LLC. Indiana-based Everest Hotel Group Inc. purchased the asset.

October 24, 2017

Hospitality Indiana Midwest

Home2Suites by Hilton Opens in Lafayette, Indiana

by Kristin Harlow October 20, 2017

LAFAYETTE, IND. — Home2Suites by Hilton Lafayette has opened in central western Indiana. The 93-suite hotel is designed for travelers who want to maintain their normal routine. The property features a combined laundry and fitness area, indoor pool and grill area, as well as complimentary breakfast. The hotel is located at 3838 Grace Lane near Purdue University. Kamba Hospitality owns the property and Witness Hospitality LLC will manage the hotel.

October 20, 2017

Indiana Midwest Restaurant Retail

Books & Brews to Open at University of Indianapolis

by Kristin Harlow October 17, 2017

INDIANAPOLIS — Books & Brews Used Bookstore and Taproom has signed a 4,600-square-foot retail lease at the University of Indianapolis. Redevelopment of the property, located at 3808 Shelby St., will begin this fall. Books & Brews will be the only restaurant and brewery on campus, according to a news release. Crystal Kennard, Scot Courtney and Richard King III of Lee & Associates represented the landlord, Oakbridge Properties, in the lease transaction. Robb Day of Coldwell Banker Commercial represented the tenant.

October 17, 2017

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