HFF Arranges $9.85M Financing for Apartment Conversion Project in Downtown Indianapolis; Officials Celebrate $10M Renovation of Historic IU Medical Building
- Aug 29, 2014
by Adriana Pop, Associate Editor
Pennsylvania-based HFF has secured $9.85 million in financing for 333 Penn, a 78-unit, adaptive re-use apartment building in downtown Indianapolis.
Led by director Ken Martin, the company’s debt placement team has worked exclusively on behalf of the borrower, TWG Development LLC, to arrange the fixed-rate loan through JP Morgan Securities. Loan proceeds will retire an existing construction loan on the property.
The historic art deco building dates back to 1913. It originally consisted of office space which served many of the city’s architects and builders.
TWG Development finalized the redevelopment of the facility into residential rental units and ground-floor office space at the end of 2013.
The property is located near University Park and Massachusetts Av. and offers easy access to Monument Circle, Circle Center Mall, Banker’s Life Fieldhouse and Lucas Oil Stadium. Amenities include a 24-hour fitness center, community room, laundry facilities and garage parking.
In other news, university leaders held a dedication ceremony for the $10 million restoration of the historic Rotary Building on the Indiana University School of Medicine campus in Indianapolis.
Built in 1931, the facility is located at the north end of Ball Gardens, between Riley Hospital for Children at IU Health and the Sidney and Lois Eskenzai Hospital. The property was initially used as a children’s convalescent unit associated with Riley Hospital. Most recently, it served as the home of the IU School of Medicine’s Department of Ophthalmology until the opening of the Eugene and Marilyn Glick Eye Institute in 2011.
The newly restored Rotary Building offers 40,000 gross square feet of office and academic space, and hosts the IU-Kenya Partnership, the Division of Gastroenterology/Hepatology, the Harold Amos Medical Faculty Development Program of the Robert Wood Johnson Foundation, as well as offices of the Department of Surgery.
The renovation project was led by Schmidt Associates, assisted by IU architects and facility planners.
Photo credits: www.333pennapts.com