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.
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).