
Lument Provides Refi on Indianapolis Multifamily
Lument has provided a $43.2-million Fannie Mae conventional loan to refinance Gardens of Canal Court, a 421-unit garden-style apartment community in Indianapolis. Lument’s James Kress and Jim Croft led the transaction.
“The successful closing allowed the sponsor to recoup some of the significant investment made in updating and renovating the apartments to ensure Gardens of Canal Court remains one of the premier properties in downtown Indianapolis, all while simultaneously taking advantage of today’s low interest rate environment and locking in a competitive fixed rate for 12 years,” said Kress.
The loan features a 12-year term with one year of interest only and a 30-year amortization. The sponsor is a repeat Lument customer and longstanding Fannie Mae client, which currently owns approximately 5,000 units, mostly in the Indianapolis area.
Currently 97% occupied, Gardens of Canal Court is located on Indianapolis’ downtown Canal Walk and includes units with canal views.
- ◦Financing