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Chicago & Midwest  + Midwest  + Finance  | 

CIM Provides $83M Bridge Loan on Indy Apartments

CIM Group said Wednesday it had closed an $83-million bridge loan to TWG Development. The loan is secured by The Whit Apartments, a 334-unit luxury apartment building with 10,700 square feet of ground-floor retail and an adjacent 526-stall parking garage located at 307 N Pennsylvania St, in Indianapolis.
 
Built in 2019, The Whit apartments is approximately 80% leased and offers one-, two-, and three-bedroom apartments and significant amenities such as a rooftop pool, sundeck and lounge, and fitness center. The property’s retail space is fully-leased to 16-Bit Arcade Bar and MassageLux.

CIM Group notes that The Whit is strategically located within Indianapolis’ CBD and only a block from Massachusetts Avenue, a prominent district with a collection of dining, art and entertainment businesses.
 

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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