INDIANAPOLIS – May 26, 2021 – Berkadia today announced the financing secured for Barton Farms and Bexley Village, two multifamily properties located in Greenwood, Indiana. Managing Director Jason Brown and Senior Real Estate Analyst Austin Katai of Berkadia Indianapolis secured the $56.7 million in acquisition financing on behalf of the borrower, Indiana-based Zidan Management Group, Inc. The deal closed on April 23.
The five-year bridge loan was financed through CBRE Global Investors and features a 3.25 percent interest rate.
“The non-recourse bridge loan closed in 36 days and provides for future funding for Zidan Management Group to implement a capital improvement and rent growth strategy,” said Brown.
“The upward trend in demand for apartment-style living will continue as we navigate the ‘new normal,’” said Raed Zidan, founder and CEO of Zidan Management Group. “Comfort, convenience, healthy living and work-life balance are top of mind and these two communities provide just that. They are a great addition to our family of properties throughout Indiana, Michigan, Illinois and Ohio.”
Bexley Village is located at 700 Bexley Place. The 276-unit property features one- and two-bedroom floor plans with in-unit washers and dryers, a private balcony or patio and walk-in closets. Community amenities include a clubhouse, a fitness center, a swimming pool and a tennis court.
Barton Farms is a 262-unit property located a 1630 Saddle Lane. The property features one- and two-bedroom floorplans with in-unit washers and dryers, a private balcony or patio, walk-in closets and air conditioning. Community amenities include a clubhouse, a fitness center, a swimming pool and a grilling area.
The properties afford residents convenient access to U.S. Route 31, the Greenwood Park Mall and the shops and restaurants along S Madison Avenue.