Pillar has originated a $23.3 million Freddie Mac loan to refinance the construction loan for The Residences on Ronald Reagan in Indianapolis.
The 252-unit multifamily “Class A” property was completed in the second half of 2015 and is located in Avon, Indiana, a suburb of Indianapolis near the Indianapolis International Airport.
The one-, two- and three-bedroom apartments are recently stabilized. The area surrounding The Residences on Ronald Reagan is a workforce housing area conveniently located close to a variety of retail venues and businesses.
The fixed rate, 10-year term loan with a 30-year amortization schedule was originated by members of Pillar’s Chicago origination team, Joe Markech, Senior Director, and Brooke Jackson, Associate. The sponsor is a well-known, established real estate investment firm located in Indianapolis. The broker is Jon Everson of Crossroads Realty Advisors, located in Indianapolis. Pillar closed the transaction on August 22, 2016.
“Pillar delivered proceeds and cash out to our client in a timely fashion,” said Markech. “Freddie Mac was very familiar with this area and was excited about working with Pillar to originate aggressive loan terms for this new, well-located property.”
