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| 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.
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| 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.”
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| 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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