Barings Provides $549M Refi on Nine-Property Multifamily Portfolio
By Brian Pascus June 5, 2025 3:54 pm
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The Indiana Pacers aren’t the only hot item in the Hoosier State right now.
Thompson Thrift, an Indianapolis-based development firm, has secured a $548.5 million loan to refinance a portfolio of nine multifamily properties across six states that were delivered in the last year and a half, Commercial Observer can first report.
Barings provided the credit from its $23.79 billion real estate debt platform, while a JLL Capital Markets team of Mark Gibson, Matthew Lawton, Danny Kaufman, Medina Spiodic and Mackenzie Jones arranged the transaction.
The portfolio is composed of roughly 2,500 units in properties across Arizona, Colorado, Missouri, Minnesota, Michigan and Florida. Each of the properties is deemed a luxury asset and houses between 91 and 344 units.
The projects were delivered between the first quarter of 2024 and the second quarter of 2025.
Daniel Hedgepeth, director at Barings, described sponsor Thompson Thrift as “a proven leader” in the development of Class A multifamily projects.
“This portfolio represents the type of high-quality, well-located real estate we seek to finance — backed by experienced sponsorship and well positioned for strong performance in today’s market,” he added.
Brian Pascus can be reached at [email protected]
