INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $4.5 million refinancing for Fidelity Plaza Tower I, (top right photo) a 93,355-square-foot office building in Carmel, Indiana.HFF managing director Jon Everson (bottom right photo) and senior managing director Dave Keller (top left photo) worked on behalf of SePRO Development Company II, LLC to secure the 10-year, fixed-rate loan through a local portfolio lender.
Loan proceeds are replacing a maturing life insurance company loan. The borrower is affiliated with SePRO Corporation, a successful company formed in 1993 that focuses on acquiring, developing, manufacturing and marketing specialty plant
management and plant protection products for niche markets such as aquatics, turf and horticulture.Fidelity Plaza Tower I is located at 11550 North Meridian Street in Carmel, a northern suburb of Indianapolis. While historical occupancy levels have been high, the property recently lost two significant tenants resulting in a temporary drop in occupancy. Existing major tenants include SePRO Corporation and Regions Bank.
“The property’s decreased occupancy amidst a credit climate that continued to deteriorate throughout the process, made this a challenging assignment. However, the borrower was still able to obtain a fixed-rate loan with an attractive interest rate on a primarily non-recourse basis, with prepayment flexibility over the life of the loan,” said Everson.
CONTACTS:
Jonathan P. Everson, HFF Managing Director, 317 630 3191, jeverson@hfflp.com
Laurie Fish McDowell, HFF Associate Director, 617 338 0990, lmcdowell@hfflp.com
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