Grandbridge Closes Indianapolis Community Refi

The 493-unit community is situated on the campus of Indiana University–Purdue University Indianapolis. Grandbridge placed the refinancing with Ladder Capital Finance.

Lockefield Gardens
Lockefield Gardens

Grandbridge Real Estate Capital closed loan with a 10-year term and 30-year amortization schedule, which was secured by a leasehold mortgage, for Lockefield Gardens, a 493-unit community in downtown Indianapolis. Senior Vice President Ed Chandler, of Indianpolis-based Grandbridge,  facilitated the transaction.

“Grandbridge placed this refinancing with Ladder Capital Finance. The debt structure refinanced an existing loan and provided a long-term debt solution for the owner, Sexton Properties, an Indianapolis-based owner and manager of several apartment communities located throughout Indiana and Ohio,” Chandler said in a statement.

On-campus location

Located at 737 Lockefield Lane, on the campus of Indiana University-Purdue University in Indianapolis, the community offers convenient access to downtown luxury, spacious courtyards and historic architecture. A mix of shopping, dining and entertainment venues are also close by, including Taco Bell, Indianapolis Zoo, Indiana State Museum and Military Park. Additionally, Indianapolis International is a 23-minute drive from the property.

Lockefield Gardens consists of 17 three-story buildings featuring one- and two-bedroom units ranging from 558-1,097 square feet. Built in 1938 and then completely renovated in 1987, the property offers in-unit amenities, such as central heat, washer and dryers, microwave ovens, central air conditioning, dishwashers and abundant closet space. Residents can access common area amenities such as:

  • clubhouse
  • swimming pool
  • jacuzzi
  • outdoor grilling and picnic areas
  • billiards room in clubhouse
  • spa
  • laundry facilities
  • 542 parking spaces

Back in July, the company arranged a $29 million first mortgage to finance the construction of a 110-unit multifamily community in St. Louis Park, Minn.

Image courtesy of Grandbridge Real Estate Capital