Forman Capital closed a $25.78 million bridge loan for Penn Mark I & II, a two-building complex with 242,481 square feet of combined office space located in Carmel, Indiana, within the Indianapolis MSA.
The loan supports borrower ICONIC Property Partners in refinancing the recently renovated office property located at 11595 & 11555 N. Meridian St. The two-building complex is currently 87% leased, benefiting from its location in the affluent and highly desirable Carmel submarket. The new financing was arranged by Daniel Rosenberg of BWE.
The Forman Capital team that worked on the transaction included Brett Forman, Scott Mehlman, and Ty Regnier. “We were able to structure a flexible financing solution that supports the sponsor’s business plan while positioning the property for continued leasing and long-term success,” said Mehlman. The property’s location along North Meridian Street provides convenient access to downtown Indianapolis and surrounding business districts.
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