Hunt Real Estate Capital provided a Freddie Mac conventional multifamily loan of $24.22 million to refinance an apartment portfolio in Indianapolis. The borrower is Old Northside Capital Partners, LLC, which acquired the portfolio in 2015.
Circle City Apartments is a 356-unit apartment portfolio comprised of six mid-rise buildings that range in size from 24 to 136 units. The portfolio was constructed from 1900 to 1929, and features a net rentable residential area of 231,000 square feet.
The 10-year loan features full-term interest only with no prepayment due during the last 90 days of the loan.
“The portfolio represented a repositioning opportunity for the sponsors, as they were able to invest significant capital in the property to more than triple the value of the property,” said Xavier Salinas, VP at Hunt Real Estate Capital. “Now that the portfolio is stabilized, it has become a long-term hold for the sponsors.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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