NEW YORK – February 22, 2021 – Berkadia today announced the financing secured for The Whit, a multifamily property in Indianapolis, Indiana. Senior Directors Michael Zaremski and Michael Shmuely of Berkadia’s New York office secured the $83 million refinancing on behalf of the borrower, Indiana-based TWG Development, LLC. The deal closed on January 29.
The CIM Group loan will bridge the property through remaining lease up and stabilization.
Located at 307 N Pennsylvania St. and built in 2019, The Whit apartments features one-, two- and three-bedroom floor plans with community amenities such as a rooftop pool, a sundeck and a fitness center. The property is about 80 percent leased and is located within Indianapolis’ central business district. Residents are afforded convenient access to the shops and restaurants along Massachusetts Avenue.