News Column

United States : HFF secures $9.85 million financing for apartment building in downtown Indianapolis

August 23, 2014

HFF announced today that it has arranged $9.85 million in financing for 333 Penn, a 78-unit, adaptive re-use apartment building in downtown Indianapolis. HFF worked exclusively on behalf of the borrower, TWG Development, LLC, to secure the fixed-rate loan through JP Morgan Securities. Loan proceeds will retire an existing construction loan.

Originally constructed in 1913, 333 Penn is an historic art deco building that formerly consisted of office space serving many of the city s architects and builders. The conversion to residential units and ground floor office space was completed in late 2013 and both portions of the property were fully leased within six months of completion. Community amenities include a 24-hour fitness center, community room, laundry facilities and garage parking. The property is adjacent to University Park and is also near Massachusetts Avenue, Monument Circle, Circle Center Mall, Banker s Life Fieldhouse and Lucas Oil Stadium.

The HFF debt placement team representing the borrower was led by director Ken Martin. According to HFF, the redevelopment of 333 Penn from a dilapidated, vacant office building into Class A residential units has been a great success for TWG as it continues to grow its market rate multi-housing portfolio.

TWG Development, LLC is a real estate development company specializing in commercial, market rate, affordable and senior housing developments. TWG was formed in 2007 to develop, own and manage housing communities. Through its related entities - TWG Construction, LLC and TWG Management, LLC, TWG is able to see a development through from concept to lease-up and stabilization.

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Source: TendersInfo (India)

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