Flaherty & Collins Receives $104M Loan for New Mixed-Use Tower in Indianapolis
INDIANAPOLIS — Flaherty & Collins Properties has refinanced 360 Market Square, the company’s 27-story mixed-use tower in downtown Indianapolis. The real estate developer and property management firm used a $104 million loan from Chicago-based Heitman LLC to retire existing construction financing on the recently completed project.
David Keller and Adam Mallory of HFF arranged the floating-rate financing through Heitman on behalf of Indianapolis-based Flaherty & Collins. Additional details of the loan structure were not disclosed.
Delivered earlier this year, the residential and retail development features 42,000 square feet of ground-level retail space anchored by Whole Foods Market. The 40,000-square-foot grocery store opened in late March. The project also includes a 550-space parking garage, with 350 spaces reserved for residents.
Sitting atop Whole Foods are 292 apartment units with 10,000 square feet of amenity space, including a fitness center, private yoga/spin studio, cyber café, screening lounge, business center and gaming lounge. Outdoor amenities include a landscaped courtyard, resort-style swimming pool and a 28th-floor sky deck that offers panoramic skyline views.
According to Apartments.com, rental rates at 360 Market Square range from about $1,400 for a studio to more than $8,000 for a three-bedroom, two-bathroom unit.
360 Market Square sits on the former site of Market Square Arena, the home arena of the NBA’s Indiana Pacers from 1974 to 1999. The arena was imploded in 2001. On the southern half of the site, diesel and alternative fuel engine manufacturer Cummins Inc. opened a nine-story office building early last year.
The project is situated east of the Indiana State Capitol and Monument Circle in the central business district, as well as within a mile of the Indianapolis Cultural Trail and about a mile northeast of Lucas Oil Stadium, the home arena of the NFL’s Indianapolis Colts.
Since 1993, Flaherty & Collins Properties has completed more than $2 billion in development and has more than $500 million of projects in its current development pipeline. The company also manages 120 properties and more than 17,600 multifamily units in 12 states.
— John Nelson