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Hudson Investing lands $52.1M acquisition financing for Maple Knoll Apartments
The deal will fund the purchase of the 300-unit complex in Westfield, Indiana, with Hudson planning renovations as part of its value-add strategy.
Hudson Investing has secured $52.1 million in acquisition financing for Maple Knoll Apartments, a 300-unit garden-style multifamily property located just outside Indianapolis in Westfield, Indiana, Commercial Observer reports.
Torchlight Investment provided the equity, while Northmarq structured the full capital stack, delivering the senior debt through Northmarq’s in-house Freddie Mac platform. Northmarq teams including Annamarie Bjorklund and Cody Field arranged the transaction.
Maple Knoll Apartments opened in 2007 and includes 18 three-story apartment buildings across 24 acres, with one- to three-bedroom units. Hudson is buying the property from an unnamed institutional insurance company, according to the report, and the acquisition targets a fast-growing submarket within the Indianapolis suburbs.
Commercial Observer also reports that Hudson’s strategy is to invest capital to renovate the entire property. In comments included in the release, Hudson CEO Kent Ritter said the firm sees Indianapolis as an attractive market supported by population growth, quality employment drivers, and desirable suburban communities.