News release

Indianapolis multi-housing community refinanced for $26.872M

JLL Capital Markets led financing efforts for the 232-unit Lakes Apartments community

November 30, 2021

Kristen Murphy

Investor PR, Capital Markets, Hotels, Property Management
+1 617 848 1572

CHICAGO, Nov. 30, 2021 – JLL Capital Markets announced today that it has arranged a $26.872 million refinancing for The Lakes Apartments, a 232-unit multi-housing community in Indianapolis, Indiana.

JLL worked on behalf of the borrower, NTS Development Company, Louisville, KY, “NTS”, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

The Lakes Apartments is an institutional-quality asset consisting of 15 buildings offering larger-format one-, two- and three-bedroom units that average 998 square feet. Apartments feature white kitchen cabinets, wood-burning fireplaces, master baths, vaulted ceilings, in-unit washer dryers, private entries and covered patios or balconies. Community amenities include a clubhouse, swimming pool, outdoor kitchen, 24-hour fitness studio, business center, pickleball courts, pet walking area, car care center and a clubhouse, among others. Parking is provided for residents through a combination of surface parking, parking stalls and detached garage spaces.

Located at 8740 Arborway Ct., The Lakes Apartments is well-positioned in the College Park neighborhood of northwest Indianapolis. This location is about 12 miles north of downtown Indianapolis and is close to Interstate 465 providing access to the surrounding suburbs. The College Park neighborhood offers a variety of retail venues and restaurants for residents to enjoy.

The JLL Capital Markets team representing the borrower was led by Managing Director Matthew Schoenfeldt. 

“NTS maintains and operates their properties with a long-term view, and this is evidenced in The Lakes,” noted Schoenfeldt. “98%+ occupancy and long-tenured tenancies are proof that residents respond to this commitment to excellence. We took NTS’ track record to-the-hoop with Freddie, who has been an exceptional lender to the firm.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About NTS

Based in Louisville, Kentucky, NTS is a full-service, diversified real estate company operating in select Midwest and Southeastern markets. The firm has been providing high quality developments and real estate services for over 55 years and currently owns and/or manages over 10.9 million square feet of real estate, including over 5,000 luxury apartment homes and over 3.9 million square feet of commercial property. NTS currently owns and/or manages 17 multi-housing properties, 11 healthcare properties, and 19 office buildings and business centers.