INDIANAPOLIS, IN- Magna Properties announced this week that the firm had secured an $11.6 million refinance loan for their 448-unit Greentree Apartments in Indianapolis at 2524 Tamarack Lane.
Magna has owned Greentree since 2007. This FHA-insured loan is for 35 years and funded by Huntoon Hastings Inc., a subsidiary of Johnson Capital, which specializes in arranging financing through the FHA, Fannie Mae and Freddie Mac.
The new loan will refinance an FHA-insured 223(f) loan, is fully amortizing and has a fixed-interest rate in the low 3 percent range, according to Scott Graber, a senior vice president with Johnson Capital.
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