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.
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. 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 15-20 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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