NorthMarq’s Charlotte office arranges $6 million refinance of El Dorado Apartments in Indianapolis, Indiana

CHARLOTTE, NORTH CAROLINA (July 6, 2021) – NorthMarq arranged the $6,000,000 refinance of El Dorado Apartments, a 164-unit community in Indianapolis, Indiana. The property is located five miles northwest from downtown Indianapolis and provides tenants with affordable workforce housing and convenient access to I-65 and I-465 Indianapolis Memorial Highway. The community is also less than a mile from various retail and dining establishments.

Lawrence Larisma, senior Vice President of NorthMarq’s Charlotte office secured the financing through one of its CMBS partners. The loan was structured with a 10-year term and a 30-year amortization. 

The community was originally built in 1972 and since 2008 the sponsor has made numerous capital enhancements to the property, including renovated apartments and upgrades to building systems. The property offers prospective tenants a choice of one-, two-, three- and four-bedroom units and townhouses. The Northwest Marion County submarket has benefitted from strong fundamentals recently, including tight vacancy and limited new supply. The surrounding demographics boast an average household income of $60,900 within five miles of the asset.

Indianapolis has performed well in recent years and rents have continued to rise. The city is attractive to residents and businesses due to comparatively low commuter times, excellent infrastructure and its highly ranked tax climate. Indianapolis is a global logistics leader, boasting the most pass-through interstates and sitting in the top three for freight railroads. With a diverse economy and 4.5% population growth projected over the next five years, Indianapolis multifamily owners are well positioned for 2021 and beyond.