HFF 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, Ind.
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 St. at the southeast corner of 116th and Meridian Streets (US-31) in the heart of the Carmel/North Meridian office submarket.
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.
