OWNER OF GREENTREE APARTMENTS RECEIVES $11.5M LOAN

by admin

INDIANAPOLIS — The owner of Greentree Apartments , a 448-unit apartment complex in Indianapolis, has received an $11.5 million FHA Section 223 (a)(7) loan. The 35-year, non-recourse loan was funded by Huntoon Hastings Inc., a wholly owned subsidiary of Johnson Capital. The new debt, which was used to refinance an existing FHA insured 223(f) loan with a large prepayment penalty, is fully amortizing and carries a 3 percent fixed-interest rate. The owner, which is a family business with several properties in the area, purchased the property in 2007.

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