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Eastern Union Arranges Financing on Indianapolis Apartment Portfolio
Eastern Union senior managing director Michael Muller arranged $54,027,000 in financing toward the acquisition of a 628-unit, three-property multifamily portfolio on the East Side of Indianapolis. Buyer and total purchase price weren’t disclosed.
The portfolio includes the 348-unit Lake Marina, with a $26,870,000 mortgage and sold by Lake Marina Realty, LLC; the 184-unit Country Lakes Townhomes, which assumed a $20,620,000 mortgage and was sold by Country Lake Apartments, LLC; and the 96-unit Fountainview, mortgaged for $6,537,000 and sold by Zidan Realty Investments, LLC.
The interest rate on the 10-year mortgage is floating at a spread of 2.46% plus the one-month SOFR. The financing allows for interest-only payments for the first five years. The mortgage was arranged through Fannie Mae with Arbor acting as the Delegated Underwriting and Servicing lender.
“The east side of Indianapolis has a substantial job base that’s been growing faster than the national pace,” said Muller.
