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NKF Provides $102M Financing for Indianapolis Apartment Deal
Newmark Knight Frank Multifamily (NKF) arranged $102 million in Fannie Mae debt on behalf of Spruce Capital. The debt helped finance New York City-based Spruce’s $133-million acquisition of a four-asset multifamily portfolio totaling 1,024 units in suburban Indianapolis from Hampshire Properties.
“This is part of a continuing trend of New York-based sponsors looking to acquire multifamily assets outside of the New York metro area,” said NKF Capital Markets’ Ari Schwartzbard. “The acquisition of the 1,024-unit portfolio allows for Spruce Capital to scale quickly within the Indianapolis market.”
Schwartzbard, and his Multifamily Capital Markets colleagues Matt Mense and Daniel Sarsfield, worked with Fannie Mae to arrange the loan at 75% loan-to-value on behalf of Spruce.
The portfolio includes Avon Creek Apartments in Avon, IN; Brownsburg Crossing Apartments in Brownsburg, IN; Saratoga Crossing Apartments in Plainfield, IN; and Settlers Run Apartments in Danville, IN.
Pictured: Avon Creek Apartments.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
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