Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $70.6 million in financing for Axis, a 435,894-square-foot, Class A, mixed-use residential and retail property in downtown Indianapolis.
HFF worked on behalf of the borrower, Flaherty & Collins Properties, to place the10-year, fixed-rate loan with Allianz Life Insurance Company of North America through Allianz Real Estate of America, LLC, a correspondent life company lender. Loan proceeds were used to replace the existing construction financing and return capital to the owners.
Axis is located at 401 N. Senate Avenue within the northwest quadrant of the Indianapolis central business district, three blocks north of Monument Circle. With a Walk Score® of 86, this location offers convenient access to the downtown employment market, the Indiana University – Purdue University Indianapolis campus, and numerous dining and entertainment options. Completed in 2015, the mid-rise property has 336 luxury units averaging 914 square feet each along with 47,117 square feet of retail space, which features a 42,000-square-foot Marsh Supermarket.
The apartments and retail improvements surround a 426-space, secured parking garage with speed ramp and floor-by-floor resident access. The resort-style community amenities include a stainless steel, saltwater swimming pool; aqua lounge with kitchenette; grilling station; pet wash/pet walk; Zen garden; Sky Bar with 360-degree views of the downtown skyline; and 24-hour club room with two-story fitness center, yoga/Pilates studio, catering kitchen, gaming lounge, bike room, study lounges, conference room and library.
The HFF debt placement team representing the seller was led by senior managing director Dave Keller.