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| Ken Martin |
INDIANAPOLIS, IN – HFF announced it has arranged $9.85
million in financing for 333 Penn, a 78-unit, adaptive re-use apartment
building in downtown Indianapolis.
HFF
worked exclusively on behalf of the borrower, TWG Development, LLC, to secure
the fixed-rate loan through JP Morgan Securities. Loan proceeds will retire an existing construction loan.
Originally constructed in 1913, 333 Penn is an historic art deco
building that formerly consisted of office space serving many of the city’s
architects and builders.
The conversion to residential units and ground floor office
space was completed in late 2013 and both portions of the property were fully
leased within six months of completion.
Community amenities include a 24-hour fitness center,
community room, laundry facilities and garage parking. The property is adjacent to University Park
and is also near Massachusetts Avenue, Monument Circle, Circle Center Mall,
Banker’s Life Fieldhouse and Lucas Oil Stadium.
The HFF debt placement team representing the borrower was
led by director Ken Martin.
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| 333 Penn Apartments, Indianapolis, IN |
According to HFF, the redevelopment of 333 Penn from a
dilapidated, vacant office building into Class A residential units has been a
great success for TWG as it continues to grow its market rate multi-housing
portfolio.
TWG Development, LLC is a real estate development company
specializing in commercial, market rate, affordable and senior housing
developments.
TWG was formed in 2007 to
develop, own and manage housing communities.
Through its related entities - TWG Construction, LLC and TWG Management,
LLC, TWG is able to see a development through from concept to lease-up and
stabilization.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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