The Minneapolis office of Colliers Mortgage recently closed a Fannie Mae loan for the acquisition of Hermitage Apartments, a 280-unit market-rate multifamily apartment property in Speedway, Indiana.
The property was constructed in 1971 and includes 11 two- and three-story garden-style buildings, a business center, laundry center in each building, playground, clubhouse, 24/7 emergency maintenance and a swimming pool with sun deck.
The 10-year term, 30-year amortization loan was arranged through a partnership with Old Capital Lending for an undisclosed borrower.
