The Farm - Multi-Family Project / Zionsville

https://www.multihousingnews.com/developers-land-financing-for-indiana-project/ Developers Scannell Properties and Pittman Investors have obtained financing for a multifamily property in the Indianapolis suburb of Zionsville, Ind. The Farm will be a 400-unit, Class A market-rate property. Merchants Capital has secured a Merchants Bank of Indiana construction loan on behalf of the development partners. The Farm will be developed on 48 acres of land at the intersection of Sycamore Street and Michigan Road, also known as U.S. 421. In addition to its residences, the property will feature 225,000 square feet of retail and commercial space. Among the common-area amenities of The Farm will be covered bicycle parking. The property’s design will be authentic to the history and character of Zionsville and will combine high quality with scale to fit well within the municipality, according to a statement. “There were no challenges of note on the debt side of this transaction,” Anthony Cossell, transaction manager at Merchants Capital, told Multi-Housing News. “The unique nature of this property did not result in any financing hurdles or hiccups in the closing process either. The partners were a pleasure to work with, and the process from start to finish—from our perspective—was seamless.” Merchants Capital served as a financing partner on The Farm alongside additional local entities. Among them were Lake City Bank and the National Bank of Indianapolis. Several months ago, Merchants supplied financing for another Hoosier State development, this one an affordable senior housing facility in East Chicago. Boosting walkability The Farm is Phase 1 of a larger Planned Urban Development project in the “Gateway District” of the Town of Zionsville. The objective of the urban project is to enhance pedestrian friendliness and accessibility for local residents by connecting multifamily residential communities with stores, restaurants and other services. Commercial development will be the focus of Phase 2. There is a substantial undersupply of rental housing in Zionsville. The Farm’s early 2025 debut will deliver additional multifamily units to this suburban submarket of the Circle City. Pre-leasing is slated to launch in May 2023. ----------------------------------------------------------------------------------------------- *As of December 16, 2022, the CM has awarded their subcontractors and is now awaiting approvals from the owner. Although a firm timeline has not been established yet, construction could start in a month or month and a half from now. The project consists of 400 dwelling units. The units will be contained in three 4 story wood framed buildings, with the largest of the buildings wrapping a precast parking garage. Total number of beds is 600. Total acres of sitework and site development is 19.85 acres. Total gross square footage of residential 465,000. Total square footage of clubhouse/leasing areas 14,000. All questions can be emailed to the Zac Shelton zshelton@shielsexton.com

,, 479,000 SF - 465,000 SF. 14,000 SF.

Division 03 -	Concrete, Concrete Forming and Accessories, Precast Concrete, Site-Cast Concrete.
Division 04 -	Masonry, Unit Masonry.
Division 05 -	Metals.
Division 06 -	Wood, Plastics, and Composites, Rough Carpentry, Finish Carpentry, Architectural Woodwork, Architectural Wood Casework.
Division 07 -	Thermal and Moisture Protection, Dampproofing and Waterproofing, Thermal Protection, Weather Barriers.
Division 08 -	Openings, Doors and Frames, Wood Doors, Plastic Doors, Windows, Hardware, Glazing, Louvers and Vents.
Division 09 -	Finishes, Plaster and Gypsum Board, Ceilings, Carpeting, Painting and Coating.
Division 10 -	Specialties, Toilet, Bath, and Laundry Accessories.
Division 11 -	Equipment, Residential Equipment, Residential Appliances.
Division 22 -	Plumbing, Instrumentation and Control for Plumbing, Plumbing Piping, Plumbing Equipment, Plumbing Fixtures, Residential Plumbing Fixtures.
Division 23 -	Heating, Ventilating, and Air Conditioning (HVAC), Instrumentation and Control for HVAC, HVAC Air Distribution.
Division 26 -	Electrical, Instrumentation and Control for Electrical Systems, Lighting.
Division 27 -	Communications, Structured Cabling.
Division 31 -	Earthwork, Grading, Excavation and Fill, Earthwork Methods, Soil Treatment.
Division 32 -	Exterior Improvements, Flexible Paving, Irrigation, Planting, Turf and Grasses.
Division 33 -	Utilities, Water Utilities, Sanitary Sewerage Utilities, Electrical Utilities, Communications Utilities.