NorthMarq’s Charlotte office arranges $11.925 million refinance of La Joya Apartments in Indianapolis, Indiana

KANSAS CITY, MISSOURI (November 4, 2020) – NorthMarq arranged the $11,925,000 refinancing of La Joya Apartments, a 320-unit community in Indianapolis, Indiana. The property is located just ten miles from downtown Indianapolis, and provides tenants with convenient access to I-65 and I-465 Indianapolis Memorial Highway. The community is within immediate proximity of retail centers such as Centre West.

NorthMarq’s Charlotte Debt & Equity team of Lawrence Larisma, senior vice president, and Ryan Taylor, investment analyst secured the refinancing for the property through Freddie Mac. The loan was structured on a fifteen-year term and sub-3.10 percent fixed rate pricing. 

“Freddie Mac was responsive to the borrower's request, provided a competitive rate and exceeded expectations on proceeds,” said Larisma. 

Property Details
The community was originally built in 1974 and provides premier workforce housing just northwest of downtown Indianapolis. The sponsor has made numerous capital enhancements to the property over the years, including apartment upgrades, hallway improvements and a remodeled leasing office. The asset offers prospective tenants a choice of one, two or three bedroom units. 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 above $64,000 within five miles of the asset and a median age of 33.5 years old.

Market Overview
Indianapolis has performed well in recent years, and since May 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 heading into 2021.