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Newmark Knight Frank Multifamily Arranges $102M of Fannie Mae Debt for Indy Portfolio

Indianapolis, IN (02/07/2020)

1:10 PM

Newmark Knight Frank Multifamily (NKF) announces the financing of a four-asset multifamily portfolio totaling 1,024 units in suburban Indianapolis, IN. The Firm was retained by Spruce Capital to arrange $102M of Fannie Mae debt.

NKF's Capital Markets Strategies Senior Managing Director Ari Schwartzbard and Multifamily Capital Markets Executive Managing Director Matt Mense and Vice President Daniel Sarsfield worked with the lender, Fannie Mae, to finance a $102M loan at 75% loan-to-value on behalf of the buyer, Spruce Capital. The sale price was $133M and the portfolio was sold by Hampshire Properties.

"This is part of a continuing trend of New York-based sponsors looking to acquire multifamily assets outside of the New York metro area," said Schwartzbard. "The acquisition of the 1,024-unit portfolio allows for Spruce Capital to scale quickly within the Indianapolis market."

Spruce has a long history capitalizing on unique opportunities ranging from land assemblage to ground-up construction, with execution spanning across different asset types and capital structures. The firm seeks to acquire and manage multi-family rental housing assets outside of New York City that are positioned to deliver stable long-term cash flow and capital appreciation.

The Indy Portfolio totals 1,024 units over four separate assets that consists of Avon Creek Apartments located at 291 Great Lakes Circle West in Avon, the Brownsburg Crossing Apartments at 1122 Windhaven Circle in Brownsburg, the Saratoga Crossing Apartments at 4200 Stillwater Blvd in Plainfield, and the Settlers Run Apartments at 3200 Prairie View Trail in Danville.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307