BROWNSBURG, IN - Berkadia announced today the financing of and equity sourced for Legacy Park, a 250-unit, 2009 vintage, garden-style walk-up apartment community located in Brownsburg, Indiana. Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital arranged $13 million in institutional equity for Wilkinson Corporation’s acquisition.
“Our long-time client, Wilkinson Corporation has a deep track record of acquiring multifamily assets in the Indianapolis MSA so we were confident we would be able to source an institutional partner in the current environment,” said Kirkpatrick. “Our team remains extremely active sourcing equity for experienced sponsors, and we are finding a lot of institutional appetite for select markets in the Midwest,” said Franklin.
Richard Levine of Berkadia Atlanta secured $29.947 million in financing on behalf of the buyer. The seven-year loan was financed through Freddie Mac.
“This was a challenging transaction with multiple moving pieces to the capital stack and time pressure to close” Said Levine, “Everyone came together in the end to execute successfully.”
“The Legacy Park transaction was a team effort,” said George Waymire at Wilkinson Corporation. “It is a great addition to our portfolio.”
Located at 6750 Legacy Park Drive, Legacy Park features one-, two-, and three-bedroom floorplans averaging 1,056 square feet with in-unit washers and dryers and private patios and balconies. Community amenities include a golf simulator, a swimming pool with a sundeck, a 24-hour fitness center, a clubhouse, and enclosed garages. Residents are afforded convenient access to The Brownsburg school district, IU Health West Hospital, Indianapolis International Airport, Go Ape Zipline and Adventure Park, and access to multiple shopping centers, including Costco, Walmart, Home Depot, and Kroger.