Lument has provided a Fannie Mae conventional loan in the amount of $43.2 million to refinance Gardens of Canal Court, a 421-unit garden-style apartment community in Indianapolis, Indiana. Lument’s James Kress and Jim Croft led the transaction.
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“The successful closing allowed the sponsor to recoup some of the significant investment made in updating and renovating the apartments to ensure Gardens of Canal Court remains one of the premier properties in downtown Indianapolis, all while simultaneously taking advantage of today’s low interest rate environment and locking in a competitive fixed rate for 12 years,” said Lument’s Kress.
The loan features a 12-year term with one year of interest only and a 30-year amortization. The sponsor is a repeat Lument customer and longstanding Fannie Mae client who currently owns approximately 5,000 units, most of which are located in the Indianapolis area.
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“With a quickly approaching maturity date, the Lument team was able to coordinate the various moving pieces and execute under the required timeline to ensure an efficient closing,” added Croft.
Currently maintaining a 97% occupancy rate, Gardens of Canal Court is located on Indianapolis’ downtown Canal Walk and includes units with canal views. The property has 421 one- and two-bedroom units spread among 18 residential buildings on 14.7 acres and features 654 parking spaces and three pools.
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