First Farmers Bank & Trust Provides $26 Million Loan For ONE15 Lofts Development In Bloomington

The asset involved in this transaction is a development site located at 115 West Kirkwood Avenue in Bloomington, IN. The loan amount is $26,000,000, designated for construction purposes. This project will feature the development of the 17-unit ONE15 Lofts, which will include a restaurant and is anticipated to be completed next year.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $26,000,000
• Lender: First Farmers Bank & Trust
• Landlord: Clearpath Services
• Brokers: Maverick Commercial Mortgage & American Mortgage & Realty
• Loan Type: Construction

The key individuals and companies in this transaction include First Farmers Bank & Trust, which provided the loan, and Clearpath Services, serving as the landlord for the project. Maverick Commercial Mortgage and American Mortgage & Realty acted as brokers facilitating the transaction. A notable aspect of the financing is that it supports the construction of a residential building that combines living spaces with a commercial restaurant.