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Market Expertise Clinches Financing Deal for Apartment Complex
PNC Real Estate’s market knowledge resulted in the right financing options for the purchase of Canyon Club at Metropolis for Forum Real Estate.
Canyon Club is situated in an area with a diversified economic base, within two miles of the Indianapolis International Airport, near employment, commercial, industrial and retail centers. In addition to being located in a high-growth area, Canyon Club’s outstanding features and exceptional amenity package made it a highly desirable property.
The well-built complex comprises 206 garden apartments with high-end finishes and a resort-style outdoor amenity area.
Although this transaction is the company’s first agency finance loan with PNC Real Estate, Forum is a repeat customer of PNC through its balance sheet lending group.
The deal underscores the benefits of close collaboration among PNC Real Estate’s professionals across the nation.
An informal meeting between PNC Real Estate and Forum in Colorado revealed that the sponsor was considering the Canyon Club deal in Indianapolis, but needed more information about the market. Using PNC resources in Indianapolis, PNC Real Estate was able to provide almost instant market insights on the property and location — plus present a financing package that met the needs of the sponsor.
In discussing the transaction, Jeff Ogden, Senior Vice President of Capital Markets for Forum Real Estate Group, noted, “PNC Real Estate’s market knowledge, experience with both banking and multifamily deals and great teamwork within the organization provided us with the confidence we needed to purchase this attractive asset. They also made the process smooth and we were able to close on time.”
Date: June 2016
Location: Plainfield, Indiana
Financing Type: Fannie Mae
Units: 206 garden apartments
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