Hudson Investing has secured acquisition financing totalling US$52.1 million for Maple Knoll Apartments, a 300-unit garden-style multifamily complex not far from Indianapolis, Indiana. Torchlight Investment provided the equity. Northmarq structured the entire capital stack for the transaction and provided the senior debt directly through Northmarq's in-house Freddie Mac platform. A Northmarq team consisting of Annamarie Bjorklund and Cody Field arranged the transaction.
Annamarie Bjorklund of Northmarq stated that Northmarq was able to secure both the debt and the equity from Torchlight due to Hudson Investing's reputation as a 'disciplined, well-capitalised sponsor'. She added that the Northmarq team quickly recognised that Hudson Investing was an 'ideal fit' with its plan for the asset. Ultimately, Torchlight stood out, and they are pleased with the new partnership and look forward to the next chapter for an excellent property.
Property details and strategy
The Maple Knoll Apartments are located at 500 Bigleaf Maple Way in Westfield, a city 20 miles north of downtown Indianapolis. Opened in 2007, the apartments comprise 18 three-storey residential buildings on a 24-acre site. All units offer one to three bedrooms. Hudson Investing is acquiring the property from an unnamed institutional insurance company. Previous owners included Blackstone and GE Capital.
The acquisition is part of Hudson Investing's value-add strategy. According to a Northmarq release, the company plans to invest capital in renovating the entire property. Kent Ritter, CEO of Hudson Investing, commented on the location's appeal: 'We continue to view Indianapolis as a highly attractive investment market with strong population growth, skilled job drivers, and desirable suburban communities that continue to attract residents.'
Local expertise and market outlook
Dan Lockwood, Managing Partner for private acquisitions at Torchlight, described Maple Knoll as an 'institutional multifamily asset'. He highlighted that Hudson benefits as a local sponsor with its headquarters just outside Indianapolis. Lockwood also emphasised the relevance of the local partnership: 'We look forward to working with a local owner-operator in this rapidly growing submarket of suburban Indianapolis with strong population growth in the sought-after community of Westfield.'
- —Financing volume: US$52.1 million
- —Number of units: 300
- —Location: Westfield, 20 miles north of Downtown Indianapolis
- —Year of construction: 2007
