Mission Gets $31M for Indy MF Development

INDIANAPOLIS—Recently GlobeSt.com has reported on the growing strength of both the office and industrial sectors in Indianapolis. But the residential sector has not been left out of the developing recovery. And like many Midwest cities, more people here have become attracted to the idea of living downtown. Mission Capital Advisors, for example, has just arranged $31.4 million in construction financing for the construction of a four-story, 215-unit multifamily complex in downtown Indianapolis. The financing comprised $7.1 million of institutional joint venture equity and a $24.3 million construction loan for the 225,000-square-foot project that a local sponsor is developing.

Brad Lyons, Ari Hirt and Steven Buchwald represented the sponsor in arranging the financing with PNC Bank N.A.