Sexton Cos. has secured $43.2 million in refinancing for Gardens of Canal Court, a 421-unit community in Indianapolis. Lument provided the Fannie Mae loan, which allowed the owner to recover renovation expenses.
The 12-year fixed-rate loan has one year of interest-only payment and a 30-year amortization period. The loan retires a $34.5 million financing secured by Lincoln Financial Group in 2011, according to Yardi Matrix data.
Completed in three phases, in 1996, 1997 and 2003, Gardens of Canal Court comprises 18 buildings with one- and two-bedroom apartments, averaging 1,056 square feet. Common-area amenities include a clubhouse, three pools and covered parking.
Located at 434 Canal Court South Drive, the property is within 1 mile of several medical centers, including IU University Hospital and the Riley Hospital for Children. The community is also near the Market East District and various retail and dining options, such as the Circle Centre Mall.
Lument’s Director of Mortgage Banking Services James Kress and Senior Managing Director Jim Croft led the transaction. Just last week, Lument also provided funding for a 156-unit senior housing community in East Providence, R.I. The firm lowered the property’s interest rate, creating around $250,000 in annual debt service savings.