HFF Secures $17M Funding for Office Complex Acquisition on Behalf of True North Management Group of New York
- Nov 14, 2014
by Adriana Pop, Associate Editor
HFF has lined up $17.15 million in post-acquisition financing for True North Management Group’s purchase of a 240,000-square-foot-plus office complex in Carmel.
Situated in the heart of the North Meridian office submarket, the property encompasses two buildings – the eight-story Penn Mark I at 11595 at N Meridian Street and the five-story Penn Mark II at 11555 N Meridian Street.
Penn Mark I is 73.5 percent leased and includes Campbell Kyle Proffitt, Cigna, Clarian Health, NY Life Company and Orbis Education Services among its tenants. Meanwhile, Penn Mark II is 72.4 percent occupied by companies such as Brown & Brown, Hollingsworth and P/R Mortgage.
Led by senior managing director Dave Keller and director Ken Martin, the HFF team worked exclusively on behalf of the New York-based borrower to secure the loan through TCF Bank.
“Penn Mark I and II are located along one of the most dynamic real estate corridors in the Indianapolis MSA,” Martin said in a news release. “Historically, this area had strictly been an office corridor but in the last few years it has undergone a dramatic conversion to a mixed-use corridor with the opening of a new hospital and development of numerous multi-housing, retail and hotel properties.”
Founded in 2004, True North Management Group is a privately held real estate investment management firm headquartered in White Plains, N.Y. So far, the company has completed more than 50 distinct debt and equity investments with more than $700 million in transaction value involving office, retail, hospitality, multifamily and other property types throughout the U.S. It currently has ownership interests in approximately 4.0 million square feet of office properties.
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