Flaherty & Collins Properties, owner and developer of the newly constructed 360 Market Square mixed-use multifamily and retail property in downtown Indianapolis, has refinanced the 27-story asset with a $104 million floating-rate loan and used the proceeds to retire construction financing.
HFF’s debt placement team worked on behalf of Flaherty & Collins to place the loan with Heitman LLC, a global real estate investment management firm, which originated the financing on behalf of an affiliate. The HFF team included Senior Managing Director David Keller and Director Adam Mallory.
The new loan replaces the $57 million construction loan from Bank OZK originated in January 2015, according to Yardi Matrix data.
Headquartered in Indianapolis, Flaherty & Collins built the mixed-use property on the site of the old Market Square Arena, former home of the Indiana Pacers. The firm had just finished phase one of Axis and completed another apartment community in Indianapolis, Cosmopolitan on the Canal, in the spring of 2015 when it was prepared to break ground on the Market Square project.
360 Market Square is comprised of 292 apartment units ranging from studios with 570 square feet to two-bedroom units with up to 1,289 square feet. Rents go from $1,315 a month for a studio to $2,321 a month for a two-bedroom, two-bath apartment, according to Yardi Matrix.
Market Square Details
Completed earlier this year, the project has 42,000 square feet of ground-floor retail anchored by Whole Foods Market. The property includes a 550-space parking garage with 350 spaces for apartment residents. It is located three blocks from Monument Circle in the city’s CBD, within a half mile of 7 million square feet of Class A office space and the Massachusetts Avenue cultural district featuring dining and nightlife destinations.
360 Market Square incorporates eco-friendly features and has10,000 square feet of amenity space including a fitness center, yoga/spin studio, cyber café, screening lounge, business center and gaming lounge. Outdoor amenities include a landscaped courtyard, resort-style swimming pool, and 28th floor sky deck with skyline views.
Since 1993, Flaherty & Collins has completed more than $2 billion in developments and has more than $500 million in projects in its pipeline. It manages 120 properties and more than 17,600 multifamily units in 12 states across the nation.
In June, Flaherty & Collins and Port KC completed Union Berkley Riverfront, a $72 million mixed-use development in Kansas City, Mo., along the Missouri River. The community has 407 luxury units and 12,400 square feet of retail space. Amenities include a first-floor bar and coffee shop; a library that offers co-working and private conference space; fitness center; dog park and dog spa; private courtyard with fire pits, grills and pickleball court as well as a resort-style, heated saltwater pool.