Indiana Senior Housing Community Lands $13M Refi

Lument provided the FHA Sec. 232 loan on behalf of Sabra Health Care REIT.

Park Place Senior Living, Fort Wayne, Ind.

Park Place Senior Living. Image via Google Street View

Sabra Health Care REIT Inc. secured a $12.7 million FHA Sec. 232 loan to refinance the existing debt on Park Place Senior Living, a 172-unit property in Fort Wayne, Ind. Lument originated the loan on behalf of the owner.

The FHA note modifications allow the borrower to keep the existing FHA loan and adjust it in order to lower the rate and monthly payment. The original 30-year term and maturity date remain unchanged.

Built in 2009 with FHA funding, the community comprises 158 assisted living beds in 132 units, as well as 40 dementia care beds/units, in a mix of studios, one- and two-bedroom units. Community amenities include housekeeping services, executive chef, scheduled transportation and scheduled social events. A fitness center, chapel, beauty salon and theater room are also available.

Located at 4411 Park Place Drive, the community is some 8 miles northeast of downtown Fort Wayne. Several dining options are available within a 1-mile radius, while Parkview North Family Park is less than 1 mile southwest. Kroger Marketplace is some 3 miles southwest, while a Walgreens store is 2 miles southeast.

Last month, Lument closed another refinancing deal for an Indiana community—a $43 million Fannie Mae loan for the 421-unit Gardens of Canal Court in Indianapolis. The refinancing allowed the owner to recover renovation expenses.

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