Berkadia Secures $17.27 Million in Financing for Multifamily Property in Indianapolis
INDIANAPOLIS, IN – January 10, 2022 – Berkadia announced today the financing of Creekside Square, a 192-unit, garden-style, multifamily housing property in Indianapolis, Indiana. Managing Director Jason Brown and Associate Director Austin Katai of Berkadia Indianapolis Mortgage Banking secured the $17.27 million in financing on behalf of the owner, Indianapolis-based Zidan Management Group, Inc. The deal closed December 30.
The 7-year loan was secured through Freddie Mac, featuring a 30-year amortization schedule.
“Through Zidan’s strong management and experienced ownership, Creekside Square has experienced significant income growth,” said Brown. “We were able to provide cash out through the refinance with an attractive interest rate and 30-year amortization schedule.”
Creekside Square was built in 1994 and features one-, two-, and three-bedroom floor plans with air conditioning and private balconies or patios. Community amenities include a clubhouse, playground, covered parking and on-site management. Located at 5836 Hunnewell Drive, the property affords convenient access to both I-65 and I-465. Creekside Square also benefits due to location along Lafayette Road which provides direct access to employment, retail, and dining options in the area.