Spruce Capital Buys Indianapolis Multifamily Portfolio for $133M
Spruce Capital secured $102 million in Fannie Mae financing that was arranged by Newmark Knight Frank in connection with the purchase.
INDIANAPOLIS, IN—New York City-based Spruce Capital has acquired a four-asset multifamily portfolio here from Hampshire Properties of Brooklyn for $133 million.
Spruce Capital secured $102 million in Fannie Mae financing that was arranged by Newmark Knight Frank in connection with the purchase.
The portfolio in the Indianapolis region totals 1,024 units over four separate assets that consist of Avon Creek Apartments located at 291 Great Lakes Circle West in Avon, the Brownsburg Crossing Apartments at 1122 Windhaven Circle in Brownsburg, the Saratoga Crossing Apartments at 4200 Stillwater Blvd in Plainfield and the Settlers Run Apartments at 3200 Prairie View Trail in Danville.
NKF’s Capital Markets Strategies senior managing director Ari Schwartzbard and multifamily capital markets executive managing director Matt Mense and VP Daniel Sarsfield worked with the lender, Fannie Mae, to finance the $102-million loan at 75% loan-to-value on behalf of the buyer, Spruce Capital.
“This is part of a continuing trend of New York-based sponsors looking to acquire multifamily assets outside of the New York metro area,” says NKF’s Schwartzbard. “The acquisition of the 1,024-unit portfolio allows for Spruce Capital to scale quickly within the Indianapolis market.”