INDIANAPOLIS – March 25, 2022 – Berkadia announced today the financing secured for The Whit, a 334-unit mid-rise style multifamily property located in downtown Indianapolis, Indiana. Managing Director Jason Brown and Associate Director Austin Katai of Berkadia Indianapolis secured the $91.1 million in acquisition financing on behalf of the borrower, Indiana-based Zidan Management Group, Inc. The deal closed on March 22.
Berkadia secured the five-year bridge loan through a debt fund lender. The non-recourse bridge loan features an interest-only structure and is priced at 30-day term SOFR plus 280 basis points.
“The Whit represents our client’s largest acquisition in company history,” said Brown. “We worked closely with Zidan to secure the most aggressive all-in pricing and leverage with prepayment flexibility, which will allow Zidan to improve economic occupancy and NOI to provide for a solid investment for many years to come.”
Located at 307 N Pennsylvania Street, The Whit features studio, one-, two- and three-bedroom floor plans with in-unit washers and dryers and walk-in closets. Community amenities include a swimming pool, a fitness center, a courtyard with grilling stations and a dog park. The property affords residents convenient access to Lucas Oil Stadium, the Indianapolis Zoo and downtown Indianapolis. The transaction includes the attached 540-space parking garage and 10,687 square feet of retail leased to 16 Bit Bar+Arcade and MassageLuXe.