The Bancorp Bank has provided The Embassy Group with $9.1 million in refinancing for the firm’s Oak Park, a 163-unit Class C community in Indianapolis, according to Yardi Matrix. The loan retires a prior, $4.9 million acquisition mortgage held by Latitude Real Estate Investors.
The Embassy Group acquired the asset in August 2015. The seller, Morgan Properties, purchased four communities in and near Nashville, Tenn., for more than $90 million in September.
Located at 2100 E. Stop 12 Road in Indianapolis’ Perry East submarket, the community is a stone’s throw from U.S. Highway 31, less than 10 miles south of the city center. A number of shopping and dining options are in the nearby area and a city bus route connects the property with the rest of the city.
Oak Park contains a mix of one- and two-bedroom apartments, with floorplans ranging between 450 and 1,660 square feet. Amenities include a swimming pool, clubhouse and laundry facilities, with garage parking available for a monthly fee.
Image courtesy of Yardi Matrix