INDIANAPOLIS, IN – HFF announced today that it has secured an $18 million first mortgage for M&I Plaza (top left photo), a 28-story, 430,178-square-foot, Class-A office tower in downtown Indianapolis, Indiana.
HFF worked on behalf of the borrower, North Penn Associates, which is managed by True North Management Group, LLC (“True North”), to secure the five-year, floating-rate loan through co-lenders First Merchants Bank, N.A. and The National Bank of Indianapolis. True North initiated management of M&I Plaza 18 months ago and since then has increased occupancy from 20 percent to more than 50 percent.
M&I Plaza is located at 135 North Pennsylvania Street across the street from Chase Tower in Indianapolis’ central business district. Developed in 1988, the property is anchored by two major tenants: M&I Bank and the GSA/Department of Defense.
Building amenities include a conference center, fitness center with locker rooms, 386-stall parking garage, CVS Pharmacy, M&I Bank branch, Side Street Deli and King David Dogs.
The HFF team representing the borrower included senior managing director Dave Keller (lower right photo) and senior real estate analyst Ken Martin.
True North was formed in 2004 and is a privately-held real estate investment management firm headquartered in White Plains, New York.
Contacts:
David B. Keller, HFF Senior Managing Director, (317) 630-3191 dbkeller@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
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