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Deals & Dealmakers

Newmark Knight Frank finances over 1,000 units in Indianapolis

Avon Creek Apartments

Newmark Knight Frank Multifamily (NKF) has arranged the financing of a four-asset multifamily portfolio totaling 1,024 units in suburban Indianapolis, IN. The firm was retained by Spruce Capital to arrange $102M of Fannie Mae debt.

NKF’s Capital Markets Strategies Senior Managing Director Ari Schwartzbard and Multifamily Capital Markets Executive Managing Director Matt Mense and Vice President Daniel Sarsfield worked with the lender, Fannie Mae, to finance a $102M loan at 75 percent loan-to-value on behalf of the buyer, Spruce Capital. The sale price was $133M and the portfolio was sold by Hampshire Properties.

“This is part of a continuing trend of New York-based sponsors looking to acquire multifamily assets outside of the New York metro area,” said Schwartzbard. “The acquisition of the 1,024-unit portfolio allows for Spruce Capital to scale quickly within the Indianapolis market.”

Spruce’s Indy Portfolio totals 1,024 units over four separate assets that consists of Avon Creek Apartments located at 291 Great Lakes Circle West in Avon, the Brownsburg Crossing Apartments at 1122 Windhaven Circle in Brownsburg, the Saratoga Crossing Apartments at 4200 Stillwater Blvd in Plainfield, and the Settlers Run Apartments at 3200 Prairie View Trail in Danville.

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