MORTGAGE OBSERVER WEEKLY

PNC Provides $24M Construction Loan for Indianapolis Project

1lilsion Capital Advisors arranged S3L4 million in construction financing for a four-story, 215-unit multifamily com­ plex in Indianapolis, Mortgage Observer

Wll.'kly has first learned.

'The 22SPQO-square–foot

project, which boasts a pool
institutional joint venture, put the total loan–to-cost of the planned project at 97.5 percent, according to a representative for Mission.
Brad Lyo118, Arl Hirt and Steven Buchwald represented the sponsor in 31'­ ranging thefinancing.
exclusively toMOW reads.
''There is ample capital available in the
current market for quality projects, and Mission has a track record of success in arranging financing for projects in a wide range of markets throughout the coun­ try," said Mr. Hirt "The interest we re­
and parking. is being devel­
Located at 600

East

MicltWm street,

ceived in arranging this transaction is

opedbylocal firm TWG Development.

A S24.3 million construction loan from PNC Bank N.A.,combined with a S7J mil­ lion infusion of equityfrom an unidentified
the project is "located within \<tlking dis­
tance of many of Indiana's largest employ­
ers and is proximate to major sporting venues,•astatementfrom Mission provided
indicative of the continuing strength of
the capital markets, and the opportunities
available in strong Midwest markets such

as Indianapolis." – Guelda Voien