Marcus & Millichap Arranges $17.4M Cash-Out Refinance for Multifamily Property in Indianapolis

Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has announced the arrangement of a $17.4 million senior debt, cash-out refinance for Nine+Eighteen Apartments at 918 Fort Wayne Avenue in Indianapolis. MMCC’s Robert Bhat, senior vice president, exclusively financed the deal, a 10-year, non-recourse loan with an LTV of 70 percent.

“This is a newly developed project featuring apartment units and ground-floor retail space,” said Bhat. “The property is situated in an excellent downtown Indianapolis location and we were able to secure a competitive loan and interest rate based on the strong value of the building and the local market.”

The five-story mixed-use multifamily property was built in 2020 and comprises 80 apartment units and 2,500 square feet of ground-floor retail space. The property is located in proximity to major thoroughfares such as Interstate 65 and is near to urban centers, green spaces and waterfront access as well as historical sites, hospitals and schools in the area.

About Marcus & Millichap Capital Corporation

Marcus & Millichap Capital Corporation (MMCC) is a subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada. MMCC provides commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, sponsor equity, loan sales, and consultative and due diligence services. In 2020, MMCC closed 1,943 transactions totaling $7.67 billion.

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