Sunday, November 16, 2014

HFF arranges $17.15 million in financing for suburban Indianapolis, IN office complex


Dave Keller
INDIANAPOLIS, IN – HFF announced it has arranged $17.15 million in post-acquisition financing for Penn Mark I and II, a two-building office complex totaling 240,081 square feet in the northern Indianapolis suburb of Carmel, Indiana.

                HFF worked exclusively on behalf of the borrower, True North Management Group, to secure the loan through TCF Bank. 

The loan will be used to supplement cash invested to-date for acquisition and capital costs while subsequent fundings will be used for future tenant improvements, leasing commissions and capital projects.

                Penn Mark I and II are located at 11595 and 11555 N Meridian Street at the southeast corner of 116th and Meridian Streets (US 31) in the heart of the Carmel/North Meridian office submarket. 

Ken Martin
Penn Mark I is an eight-story building that is 73.5 percent leased to tenants including Campbell Kyle Proffitt, Cigna, Clarian Health, NY Life Company and Orbis Education Services.

 Penn Mark II has five stories of office space totaling 94,899 square feet.  Tenants at the 72.4 percent leased Penn Mark II include Brown & Brown, Hollingsworth and P/R Mortgage.

                The HFF debt placement team representing the borrower was led by senior managing director Dave Keller and director Ken Martin.

                “Penn Mark I and II are located along one of the most dynamic real estate corridors in the Indianapolis MSA,” said Martin. 

“Historically, this area had strictly been an office corridor but in the last few years it has undergone a dramatic conversion to a mixed-use corridor with the opening of a new hospital and development of numerous multi-housing, retail and hotel properties.”

Penn Mark, Carmel, IN
                True North Management Group, founded in 2004, is a privately held real estate investment management firm headquartered in White Plains, New York. 

 Since inception, the firm has successfully completed more than 50 distinct debt and equity investments with more than $700 million in transaction value involving office, retail, hospitality, multifamily and other property types throughout the United States. 

 True North currently has ownership interests in approximately 4.0 million square feet of office properties.

For more information about TCF, please visit www.tcfbank.com.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


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