Connor Group Acquires 322-Unit Carmel Center Apartments In Carmel, IN With $57.5M Loan From UMB Bank

The Connor Group, represented by Bob Lloyd from the agency, has acquired the 322-unit Carmel Center Apartments in Carmel, Indiana. The Multifamily property, located at 675 Beacon Street, offers one-, two-, and three-bedroom units with monthly rents starting at $1,299. The acquisition was made using a $57.5 million mortgage from UMB Bank, which allowed the Dayton, Ohio-based investor to purchase the property from a group that originally acquired it in 2015 for $47.9 million.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $57,500,000
• Units: 322
• Loan Type: Acquisition Loan
• Lender: UMB Bank
• Landlord: Connor Group - Bob Lloyd

The transaction involved defeasing the property's $36 million Freddie Mac loan. In addition to its desirable unit offerings, Carmel Center Apartments provides various amenities such as a swimming pool, fitness center, spa, clubhouse, lounge, and a courtyard with grilling areas.