Northmarq sources $52.15M in debt and equity for Maple Knoll Apartments in Westfield, IN

Photo courtesy of Hudson Investing.

WESTFIELD, Ind.— Northmarq's Debt + Equity team, led by Annamarie Bjorklund and Cody Field, successfully arranged debt and equity capital totaling $52.15 million for Maple Knoll Apartments, a 300-unit garden-style multifamily community located at 500 Bigleaf Maple Way in Westfield, Indiana.

Northmarq arranged the debt and equity on behalf of the borrower, Hudson Investing, through a repeat equity partnership with Torchlight Investment and Northmarq’s direct relationship with Freddie Mac, providing a comprehensive capital solution for the acquisition.

Northmarq was uniquely positioned to deliver the best execution by sourcing both the equity and the debt for Hudson under one roof, reflecting the strength of Hudson's reputation as a disciplined, well-capitalized sponsor.

“Given our relationships with equity and other capital providers across the Northmarq platform, we knew as soon as we met the Hudson team and saw their plan for the asset that they would be a natural fit,” Bjorklund said. “Ultimately, Torchlight stood out, and we’re excited for their new partnership and to see the next chapter for a great property.”

Northmarq also evaluated a broad range of financing alternatives, including debt funds, life companies and institutional equity sources, ultimately crafting a customized capital stack to meet the sponsor's acquisition and business plan objectives.

“Hudson Investing has a strong track record in value-add repositionings,” Field said. “By pairing them with Torchlight, we were able to efficiently navigate Freddie Mac's process for a first-time Freddie borrower and bring this deal to a successful close.”

The transaction marks Northmarq's fourth multifamily equity raise in Indianapolis-area suburban markets, further strengthening the firm's track record across the region.

"We're excited to continue expanding our activity in the market and helping clients like Hudson access debt, equity and investment sales solutions as they grow their portfolios,” Bjorklund said.

The acquisition represents a significant milestone for Hudson Investing, underscoring its growing track record of executing on ambitious value-add strategies and its emergence as a go-to sponsor for larger, institutional-quality multifamily investment opportunities.

"We continue to see Indianapolis as a highly attractive investment market with strong population growth, quality employment drivers and desirable suburban communities that continue to attract residents,” said Kent Ritter, CEO of Hudson Investing. “This acquisition reinforces our long-standing confidence in the market's multifamily fundamentals, and we look forward to our continued partnership with both Torchlight and Northmarq as we continue to expand our platform in the market.”

Hudson Investing plans a comprehensive renovation program at the property, targeting meaningful rent growth through a value-add repositioning strategy.

Based just north of Indianapolis, Hudson Investing is a vertically-integrated owner-operator with a growing portfolio of investments across the market. Known for its hands-on approach and disciplined execution, Hudson will bring deep local expertise, established vendor relationships and an on-the-ground presence to Maple Knoll, which has been owned by an out-of-state institutional partnership for the past 10 years.

“We’re excited to partner with a local owner-operator in a fast-growing submarket within the Indianapolis suburbs, with strong population growth in the sought-after community of Westfield, Indiana,” said Dan Lockwood, managing partner of Private Acquisitions at Torchlight. “Maple Knoll represents a well-maintained, institutional quality multifamily asset with proximity to grocery-anchored retail, regional highways, and several large employers, all key attributes that Torchlight seeks when evaluating prospective opportunities.”

Built in 2007, Maple Knoll Apartments features 18 three-story garden-style apartment buildings situated on 23.97 acres in Hamilton County. The property offers one-, two- and three-bedroom floorplans with an average unit size of 1,002 square feet.

Westfield and the broader Hamilton County region continue to experience strong residential growth, supported by highly regarded schools, expanding employment opportunities and ongoing investment throughout the north Indianapolis corridor.