Indiana Senior Community Lands $24M HUD Loan
- Feb 10, 2021
The non-for-profit Hubbard Hill Retirement Community in Elkhart, Ind., has received a $23.9 million in HUD-insured refinancing, provided by Greystone. The recently expanded 220-unit property offers independent and assisted living, long-term skilled nursing and short-term rehab, as well as memory care services to seniors 55 and over.
The section 223(a)(7) loan has a 30-year amortization period with a low fixed-rate interest rate. The note retires a previous HUD loan and a higher-rate construction loan that backed a recent expansion plan. With the new debt in place, the property is expected to save an annual $280,000.
Located at 28070 Country Road 24 W. near U.S. Route 20, the 70-acre lot sits 4 miles southwest of central Elkhart. The municipal airport is 7 miles north.
Dating back to 1977, the property encompasses a 2-acre senior-friendly landscaped park. Common-area amenities include a wellness center, a chapel, along with two restaurant-style dining venues. Hubbard Hill opened its Living Wisdom Center, a designated memory-care facility, in 2019, according to Indiana Public Radio. The expansion comprises four houses, with nine apartments in each one, disposed around a central atrium.
Vice President in Greystone’s New York office Lisa Fischman originated the loan. Last December, Fischman arranged HUD refinancing for three assisted living facilities in New Hampshire. The loans amounted to $23.8 million.