Lightstone Lands $30M Loan for Suburban Indianapolis Asset
- Jun 03, 2020
Lightstone Group has received a $29.9 million loan to fund the purchase of Autumn Breeze Apartments, a 280-unit garden-style community in Noblesville, Ind. Greystone provided the Freddie Mac note, which carries a 10-year term with a 30-year amortization. The financing will also be used to complete the renovation of the property. Yardi Matrix identified the seller as Passco Cos.
Completed in 2009, Autumn Breeze has one-, two- and three-bedroom units ranging in size from 710 to 1,233 square feet. Amenities include a pool and fitness center, outdoor recreational facilities, a billiards room, a conference room and a business center.
Located on 20 acres at 14901 Beauty Berry Lane, the property is 25 miles northeast of downtown Indianapolis. The community is opposite the Ruoff Home Mortgage Music Center, and the Hamilton Town Center retail center and Interstate 69 are less than 2 miles south.
Greystone’s Dan Sacks arranged the financing on behalf of the borrower. In May, Sacks was part of the team which facilitated a nearly $28 million loan for a suburban Chicago acquisition.