Pillar closes $4 million refinance loan for Indianapolis apartment community

January 12, 2017  |  Staff Writer  |  Print Article  |  Email this Article



Pillar has originated a $4.52 million Freddie Mac loan to refinance 9000 Westfield Apartments in Indianapolis.

Built in 1972, the multifamily property is located on the north side of Indianapolis, just inside the Interstate-465 beltway circling the city. The property consists of 98 garden-style units, and was 95-percent occupied at time of close.

The fixed-rate, 10-year term loan with a 30-year amortization schedule was originated by Joe Markech, managing director of Pillar in the Chicago office. The sponsor is a longtime owner of 9000 Westfield Apartments, and is a family-owned commercial real estate investment group operating for about 30 years.

The broker is Mike Dury of PR Mortgage, which is located in Indianapolis. Pillar closed the transaction on Dec. 30 of last year.

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