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Forman Capital has closed a $25.78 million bridge loan for Penn Mark I & II, a two-building office complex located in Carmel, Indiana, within the Indianapolis metropolitan statistical area. The property totals 242,481 square feet of combined office space and is positioned along North Meridian Street, a corridor that offers direct access to downtown Indianapolis and surrounding business districts.
The financing supports borrower ICONIC Property Partners in refinancing the recently renovated complex at 11595 and 11555 North Meridian Street. According to the parties, the complex is currently 87% leased, and its performance benefits from its position in the affluent and highly desirable Carmel submarket.
The new loan was arranged by Daniel Rosenberg of BWE, who structured the financing on behalf of ICONIC Property Partners. Forman Capital provided the bridge loan to facilitate the refinancing of Penn Mark I & II, enabling the sponsor to advance its business plan for the asset while continuing to focus on leasing and the long-term positioning of the property within the Indianapolis-area office market.
The Forman Capital team on the transaction included Brett Forman, Scott Mehlman, and Ty Regnier. In connection with the deal, Mehlman noted that the team structured a flexible financing solution designed to align with the sponsor’s strategy for the property and to help support the complex’s continued leasing momentum and future performance.
Penn Mark I & II’s location in Carmel, together with its access along North Meridian Street to downtown Indianapolis and nearby employment centers, is cited as a key advantage for both current and prospective office tenants. The combination of a recently completed renovation, a high current occupancy level relative to full capacity, and the availability of bridge financing underscores the continued role of transitional debt in supporting business plans for office assets within established suburban submarkets.
The post Forman Capital Closes $25.78M Bridge Loan for Penn Mark I & II in Carmel, Indiana appeared first on CRE Market Beat.
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