Torchlight Investment Provides $52M Acquisition Debt, Equity for Indianapolis Asset

Hudson Investing has secured $52.1 million in acquisition financing for Maple Knoll Apartments, a 300-unit garden-style multifamily complex just outside Indianapolis, Ind., Commercial Observer can first report. 

Torchlight Investment provided the equity, while Northmarq structured the full capital stack for the transaction, providing the senior debt directly through Northmarq’s in-house Freddie Mac platform. A Northmarq team of Annamarie Bjorklund and Cody Field arranged the transaction. 

Bjorklund said in a statement that Northmarq was able to secure both the debt and equity from Torchlight due to Hudson’s reputation as “a disciplined, well-capitalized sponsor.”

“We knew as soon as we met the Hudson team and saw their plan for the asset that they would be a natural fit,” Bjorklund said. “Ultimately, Torchlight stood out, and we’re excited for their new partnership and to see the next chapter for a great property.”

Located at 500 Bigleaf Maple Way in Westfield, a city 20 miles north of Downtown Indianapolis, Maple Knoll Apartments opened in 2007 and features 18 three-story apartment buildings across 24 acres, all of which contain one- to three-bedroom units. 

Hudson Investing is purchasing the property from an unnamed institutional insurance company, but previous owners include Blackstone and GE Capital. The acquisition is part of Hudson’s value-add strategy, and the firm plans to invest capital to renovate the entire property, according to a release from Northmarq. 

“We continue to see Indianapolis as a highly attractive investment market with strong population growth, quality employment drivers and desirable suburban communities that continue to attract residents,” said Kent Ritter, CEO of Hudson Investing.

Dan Lockwood, managing partner of private acquisitions at Torchlight, described Maple Knoll as an “institutional-quality multifamily asset,” and noted that Hudson benefits from being a local sponsor headquartered just outside of Indianapolis,

“We’re excited to partner with a local owner-operator in a fast-growing submarket within the Indianapolis suburbs, with strong population growth in the sought-after community of Westfield,” said Lockwood. 

Brian Pascus can be reached at bpascus@commercialobserver.com.