Silver-McCann Refinances Northlake Village Apartments in Indianapolis, IN

INDIANAPOLIS, IN/PRNewswire/ -- Silver-McCann Apartment Group, L.P. ("Silver-McCann") announced the refinancing of Northlake Village Apartments (top right photo) in Noblesville (Indianapolis), Indiana, which had been acquired using a bridge loan.

The 347-unit, garden-style community located in the Noblesville submarket of metropolitan Indianapolis was built in 1984 and purchased by Silver-McCann in October 2006.

The property was upgraded in 2007 and 2008 and was 94% occupied at the time of the refinancing. Proceeds from the Freddie Mac capped ARM mortgage originated by Primary Capital Advisors LC were used in part to pay off the original bridge loan.

"In this very difficult financial climate, we were able to close an attractive, long-term mortgage loan with Freddie Mac that both reduced our current debt service on Northlake Village and provided additional capital to Silver-McCann Apartment Group," said John McCann (middle left photo) of McCann Realty Partners.

"We are pleased with the way that we have repositioned Northlake Village and believe that the property has continued growth potential that we can realize over the next two years."

Silver Capital -- a division of Silver Companies -- and McCann Realty Partners closed their latest apartment investment fund, Silver-McCann Apartment Group II, L.P., after purchasing its fifth asset in July 2008.

The second fund closed with total acquisitions of $154 million made over the past 18 months. Since Silver-McCann made its first acquisition in 2005, its two funds have acquired almost 3,200 apartment homes.

Contact: Fleet Wallace, McCann Realty, (804) 290-8870 Bernadette Bruce, Silver Companies, (561) 981-5252