- 106,814 square foot office building in Carmel, IN (Indianapolis).
- Acquired in October 2016 at 82% occupancy.
- Business plan to increase occupancy, rental rates, and tenant retention through a targeted capital improvement plan.
- Financed with a non-recourse, long-term fixed rate senior loan with prepayment flexibility.
- Added new conference facilities, tenant lounge, and outdoor amenities; modernized all common areas
- Selectively improved existing vacancies, including constructing one “spec suite” for immediate occupancy.
- Increased occupancy from 82% to 92%.
- Sold in December 2020.