NorthMarq’s St. Louis office secures $4.3 million supplemental loan for Wildwood Apartments in Indianapolis, Indiana
ST. LOUIS, MISSOURI (March 1, 2019) – David Garfinkel, senior vice president/managing director of NorthMarq’s St. Louis-based regional office, negotiated the $4.3 million supplemental loan of Wildwood Apartments, a 324-unit multifamily property located at 3491 Timbersedge Drive in Indianapolis, Indiana. The transaction was structured with a 5-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its in-house Fannie Mae platform.
Apartment amenities include: Dishwasher, disposal, high-speed internet access, washer/dryer hookup, air conditioning, smoke free, cable ready, oven, refrigerator, fireplace, wheelchair accessible rooms, carpet, vaulted ceilings, great views, walk-in closets and window coverings. Community amenities include: carports, close proximity to I-65 (minutes from downtown Indianapolis), established landscaping, sundeck, pond, balcony, pet-friendly policy, 24-hour availability, public transportation, basketball court, tennis court, playground, pool and fitness center.
“This was a supplemental loan that was done five-years after purchase,” said Garfinkel. “The borrower has done a rehab on the property and increased occupancy and rents and executed the supplemental, which was always the plan.”
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