PNC Provides $24M Construction Loan for Indianapolis Project

October 10, 2014

Source: Mortgage Observer Weekly

Mission Capital Advisors arranged $31.4 million in construction financing for a four-story, 215-unit multifamily complex in Indianapolis.

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-squarefoot

project, which boasts a pool
institutional joint venture, put the total loanto-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

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