INDIANAPOLIS — December 10, 2021 — Berkadia announced today the financing secured for Pickwick Farms, a 516-unit garden-style multifamily property in Indianapolis, Indiana. Managing Director Jason Brown and Senior Real Estate Analyst Austin Katai of Berkadia Indianapolis secured the $40.2 million in permanent refinancing on behalf of the borrower, Indiana-based Zidan Management Group, Inc. The deal closed on November 30.
The 10-year Fannie Mae loan features a 3.7 percent interest rate and a 30-year amortization schedule.
“Through an extensive capital improvement campaign, Zidan has experienced strong rental income growth,” said Brown. “We were able to provide significant cash out through the refinance with an aggressive fixed interest rate and new 30-year amortization schedule.”
Located at 1540 Handball Lane, Pickwick Farms features studio, one-, two- and three-bedroom floor plans with air conditioning and private balconies or patios. Community amenities include a swimming pool, a fitness center, a dog park, a playground, a picnic area with grilling stations, a basketball court and a volleyball court. The property affords residents convenient access to Ascension St. Vincent Hospital, Interstate 465 and the shops and restaurants along North Michigan Road.