Pillar Financial managing director Joe Markech originated $14.1 million with Fannie Mae to refinance a construction loan for Urban Station, a dedicated student-housing property in downtown Bloomington, Indiana.
The four-story property features 53 apartments each leased by the unit and retail space on the ground floor. Urban Station is located within walking distance of the University of Indiana and opened in August of 2017.
Pillar originated a fixed-rate, 12-year term loan with a 30-year amortization schedule to refinance the property for a Bloomington-based borrower that develops and manages student housing and multifamily properties in Indiana. Pillar sourced the transaction through Mike Dury of PR Mortgage & Investments, a Pillar correspondent. The transaction closed in January.
Urban Station was developed on the original site of The Chocolate Moose, a well-known ice cream parlor that dates back to 1933. The shop’s owners sold the land to Pillar’s borrower for the development of Urban Station. The Chocolate Moose currently occupies all of the property’s retail space.
Urban Station also features a number of high-end amenities, including a doorman, covered parking, study rooms located across each floor, swimming pool and sundeck, outside fireplace and landscaped areas.