Indiana multifamily is concentrated across Indianapolis, Fort Wayne, Evansville, and South Bend. Indianapolis is anchored by a pharmaceutical headquarters and its multi-billion-dollar capital expansion across Indianapolis and Lebanon (the LEAP innovation district), a broad corporate and technology base, and one of the country's largest air-cargo hubs at Indianapolis International Airport; Fort Wayne is anchored by Lutheran Health Network, Parkview Health, and a deep automotive supply-chain and manufacturing base , supporting active institutional and regional-bank lender competition on stabilized agency executions and the broader value-add bridge pool. Indianapolis Class A and BTR multifamily anchored by life-sciences employment growth and the LEAP corridor draws deep agency competition; Fort Wayne, Evansville, and South Bend support steady regional-bank-led financing.
Active capital sources
- Agency Lenders (Fannie/Freddie)
- Indiana Regional Banks
- National Debt Funds
- Life Companies
Loan programs we place
- Acquisition Financing
- Value-Add Bridge Loans
- Agency Perm Refinance
- Construction-to-Perm
Source notes
- BLS QCEW, 2025
Frequently asked questions
What is the typical LTV for Indianapolis multifamily in the current market?
Stabilized agency executions typically clear 65% to 75% LTV on Class A and 70% to 80% on workforce / Class B . Indianapolis Class A and BTR multifamily anchored by life-sciences employment growth and the LEAP corridor draws deep agency competition; Fort Wayne, Evansville, and South Bend support steady regional-bank-led financing. Bridge debt funds will go higher on value-add product where the going-in basis supports the stabilized agency take-out.
Are Indiana multifamily loans non-recourse?
Yes for institutional executions. Agency, CMBS, life-company, and most national debt-fund executions are non-recourse with standard bad-boy carve-outs. Smaller-balance regional bank loans and most construction and bridge loans typically carry partial recourse, particularly for newer sponsors or during construction and lease-up periods, with recourse burning off at defined stabilization milestones.
What is Indiana's transfer tax structure for commercial multifamily?
Indiana does not impose a state real estate transfer tax. There is no statewide mortgage tax. The absence of a state transfer tax materially reduces closing costs versus Pennsylvania, Maryland, Washington, or Florida equivalents and is a structural cost advantage for Indiana CRE transactions.
What construction debt is available in Indiana right now?
Multifamily construction is most active in the Indianapolis metro and the broader institutional submarkets where the going-in basis supports stabilized agency refi and the demand thesis is strongest. Required equity is typically in the 30% to 40% range with partial recourse during construction and lease-up burning off at stabilization. Bank construction lender response is competitive across the major in-state regional bank pool.