IN Affordable Assisted Living Facility Lands $17M Financing
- May 24, 2018
Walker & Dunlop Inc. has structured a $17.3 million construction loan for Oasis at 56th, a 124-unit assisted living property in Indianapolis. The community, developed by Integral Community Development, is one of the few assisted living facilities in the U.S. financed with the Department of Housing and Urban Development’s (HUD) Low-Income Tax Credit (LIHTC).
Using HUD’s New Construction program, the community received a 40-year loan with a fixed rate and an interest-only construction period. A total of 85 percent of the units will be affordable, designated for residents earning 60 percent or less of the area median income.
The property will be located at 4940 W. 56th St., on a roughly 3.2-acre parcel, at a 17-minute drive northeast from downtown Indianapolis. The site is adjacent to a retail, dining and entertainment complex, offering easy access to interstates 465 and 65. The community will be 1.8 miles away from Northwestway Park Disc Golf Course and Eagle Creek Park.
Oasis at 56th will feature 51 studios and 73 one-bedroom apartments in a four-story building. Common-area amenities will include:
- commercial kitchen with dining area
- laundry facilities
- exercise room
- facility-owned van for access to medical appointments
- fitness and wellness centers
Jeff Lawrence and Matt Baptiste led the Walker & Dunlop team which arranged the financing for the developer, a subsidiary of The Integral Group LLC. Last month, Walker & Dunlop provided a $10 million construction loan for an assisted living property in California. The 51-unit facility received financing through HUD’s Section 232 program for retirement communities.
“As baby boomers continue to age, communities will have to figure out how to navigate the challenge of offering housing and care to our most vulnerable citizens,” said Lawrence, in prepared remarks. “Working with our partners at HUD, we were able to tailor the 232 program to optimize the use of LIHTCs, along with public and private sources of capital to assist in the development of the project that we believe will be a model for affordable assisted living.”