NorthMarq arranged the $6 million refinance of El Dorado Apartments, a 164-unit multifamily community in Indianapolis.
The property is located five miles northwest from downtown Indianapolis and provides tenants with affordable workforce housing and convenient access to I-65 and I-465 Indianapolis Memorial Highway. The community is also less than a mile from retail and dining establishments.
Lawrence Larisma, senior vice president of NorthMarq’s Charlotte office, secured the financing through one of its CMBS partners. The loan was structured with a 10-year term and a 30-year amortization.
The community was originally built in 1972 and since 2008 the sponsor has made numerous capital enhancements to the property, including renovated apartments and upgrades to building systems.
The property offers prospective tenants a choice of one-, two-, three- and four-bedroom units and townhouses. The Northwest Marion County submarket has benefitted from strong fundamentals recently, including tight vacancy and limited new supply. The surrounding demographics boast an average household income of $60,900 within five miles of the asset.
