Grandbridge Closes Indianapolis Community Refi

By Adina Marcut

Lockefield Gardens

Grandbridge Real Estate Capital closed loan with a 10-year term and 30-year amortization schedule, which was secured by a leasehold mortgage, for Lockefield Gardens, a 493-unit community in downtown Indianapolis. Senior Vice President Ed Chandler, of Indianpolis-based Grandbridge,  facilitated the transaction.

“Grandbridge placed this refinancing with Ladder Capital Finance. The debt structure refinanced an existing loan and provided a long-term debt solution for the owner, Sexton Properties, an Indianapolis-based owner and manager of several apartment communities located throughout Indiana and Ohio,” Chandler said in a statement.

On-campus location

Located at 737 Lockefield Lane, on the campus of Indiana University-Purdue University in Indianapolis, the community offers convenient access to downtown luxury, spacious courtyards and historic architecture. A mix of shopping, dining and entertainment venues are also close by, including Taco Bell, Indianapolis Zoo, Indiana State Museum and Military Park. Additionally, Indianapolis International is a 23-minute drive from the property.

Lockefield Gardens consists of 17 three-story buildings featuring one- and two-bedroom units ranging from 558-1,097 square feet. Built in 1938 and then completely renovated in 1987, the property offers in-unit amenities, such as central heat, washer and dryers, microwave ovens, central air conditioning, dishwashers and abundant closet space. Residents can access common area amenities such as:

• clubhouse
• swimming pool
• jacuzzi
• outdoor grilling and picnic areas
• billiards room in clubhouse
• spa
• laundry facilities
• 542 parking spaces

Back in July, the company arranged a $29 million first mortgage to finance the construction of a 110-unit multifamily community in St. Louis Park, Minn.

Image courtesy of Grandbridge Real Estate Capital