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Jun. 4, 2013

HFF Arranges $24.3 million in Financing for 516-unit Multi-Family Property in Indianapolis

by Adriana Pop, Associate Editor

HFF has provided $24.3 million in financing for Pickwick Farms Apartments, a 516-unit multi-housing community in Indianapolis.

HFF has secured the 10-year, 3.6 percent, fixed-rate loan on behalf of Pickwick Properties LLC. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.

Pickwick Farms is located on the northwest side of Indianapolis, near 86th Street and Interstate 465. Built in two phases from 1978 to 1980, and renovated in 2007, the community offers studio, one-, two- and three-bedroom apartments. Amenities include a movie theatre, racquetball court, indoor basketball court, playground, community room, fitness center, swimming pool and two tennis courts. At closing, the community’s occupancy rate was 96 percent.

“This property was especially attractive to lenders due to its experienced sponsorship, highly desirable infill location, heavily populated medical district and the fact it is located less than half of a mile south of Hamilton County, the fastest growing county in Indiana,” HFF managing director Jon Everson said in prepared remarks.

In other news, Legacy Urban LLC and Riley Area Development Corp. have completed the reconversion of a historic building into affordable housing. According to the Indianapolis Recorder, the property is located on Meridian Street in the Near Northside of Indianapolis.

Called 1733 Meridian Apartments, the three-story complex offers 24 one-bedroom apartments for downtown workers. Currently, 19 of the 24 residences have already been occupied. Amenities include sunlit living spaces, energy-efficient appliances, LEED-certified HVAC, secured access, laundry facilities, recycling, interior bike storage, covered outdoor picnic and grill area, as well as a community room, kitchenette and computer area.

The cost for redeveloping the once-abandoned 1919 structure amounted to $4.7 million. Funding has been provided from multiple sources, including the Department of Housing and Urban Development, Indiana Housing and Community Development Authority, City of Indianapolis, the Indianapolis Neighborhood Housing Partnership and Alliant Capital.

Photo credits: www.pickwickfarms-apartments.com