HFF Arranges $70M Financing for Mixed-Use Property in Indianapolis
Indy Axis, a class A apartment and retail property in downtown Indianapolis has received $70.6 million in financing through a loan HFF secured on behalf of local developer Flaherty & Collins Properties.
By Adriana Pop, Associate Editor
Dave Keller, senior managing director, led the HFF debt placement team working on behalf of the borrower, Flaherty & Collins Properties, to place the 10-year, fixed-rate loan with Allianz Life Insurance Co. of North America through Allianz Real Estate of America LLC, a correspondent life company lender. Loan proceeds were used to replace the existing construction financing and return capital to the owners.
Completed in 2015, Indy Axis is located at 401 N. Senate Ave. within the northwest quadrant of the Indianapolis central business district, three blocks north of Monument Circle. The mid-rise development offers 336 luxury apartments averaging 914 square feet each, along with 47,117 square feet of retail space, anchored by a 42,000-square-foot Marsh Supermarket. There is also a 426-space, secured parking garage with a speed ramp and floor-by-floor resident access.
The resort-style community amenities include a stainless steel, saltwater swimming pool; aqua lounge with kitchenette; grilling station; pet wash/pet walk; Zen garden; Sky Bar with 360-degree views of the downtown skyline; 24-hour club room with two-story fitness center; yoga/Pilates studio; catering kitchen; gaming lounge; bike room; study lounges; conference room; and library.
The property also offers convenient access to the downtown employment market, the Indiana University–Purdue University Indianapolis campus, and numerous dining and entertainment options.
Image courtesy of Flaherty & Collins Properties