Berkadia Secures $17M Refi for Indianapolis Community
- Jul 22, 2020
Berkadia has arranged $16.6 million in financing for River House, an 86-unit mid-rise property in Indianapolis. Senior Directors Michael Zaremski and Michael Shmuely secured the permanent refinancing on behalf of the borrower, a private investor. The 10-year Freddie Mac loan, which retires a construction loan, features a 30-year amortization schedule. This month, another team of the brokerage secured $30.5 million in financing for Oak Ridge Apartments, a 491-unit garden-style community in Riverdale Park, Md.
Built in 2018, River House comprises studio, one- and two-bedroom apartments with in-unit washers and dryers and granite countertops. Common-area amenities include a rooftop balcony, community room and fitness center. The property also features 110 parking spaces. According to Yardi Matrix, the building also has 5,000 square feet for office and 4,000 square feet for retail.
Located at 6311 Westfield Blvd., the six-story property is within 4 miles of Interstate 465. The surrounding area has several retail and dining options, including Broad Ripple Station, which is within walking distance of River House. Downtown Indianapolis is roughly 8 miles from the community.