Archive for the ‘Closing’ Category

Closing on 1733 Meridian Apartments

April 18, 2012: Anderson Partners closed on equity and debt financing for 1733 Meridian Apartments in Indianapolis, Indiana. The project (renovation and restoration of the historic Spink Apartments) was funded through a loan from Merchants Bank of Indiana and the acquisition of Low Income Housing Tax Credits by Alliant Capital Ltd. Anderson Partners acted as tax credit and developer counsel, and also brokered the tax credit acquisition with Alliant Capital. Bates Development LLC and Riley Area Development Corporation were co-developers of the project, which will be completed in April 2013.

Closed on South Bend Career Academy

Closed December 30, 2011 -Anderson Partners closed on the first $1.5 million tranche of financing for South Bend Career Academy, a Ball State University charter school. The school opened in August 2011 in a former call center in the Blackthorn Office Park on the northwest side of South Bend. Panzika Building Corporation of South Bend designed and completed the renovations. Utilizing a TIF / IDB structure, the City of South Bend issued its 501(c)(3) bonds for the project and is backed by a $1.5 million pledge of TIF revenue. The TIF bonds are part of a larger $13 million financing structure. The financing, assembled by Anderson Partners, will include additional 501(c)(3) bonds, Qualified Zone Academy Bonds as well as private fundraising.

Herron High School Closes on Qualified School Construction Bond Financing

Anderson Partners LLC recently closed on financing for Herron High School utilizing Qualified School Construction Bonds.  Herron is a charter school located in and chartered by the City of Indianapolis which was recently named the 26th best high school in the nation by US News and World Report.

The Herron project consists of the renovation of two historic structures on the former Herron Art Museum Campus at 16th and Pennsylvania Streets.  Working closely with the Board of Directors and school officials, Anderson Partners LLC structured a financing package utilizing $4,284,000 in Qualified School Construction Bonds (“QSCB”) issued by the Indiana Finance Authority. QSCBs were authorized by the American Recovery and Reinvestment Act of 2009 and provide a direct payment subsidy from the US Treasury for nearly 100% of the interest cost of the QSCB. Read the rest of this entry »