INDIANAPOLIS — Walker & Dunlop has structured a $17.3 million loan for construction of Oasis at 56th, a 124-unit affordable assisted living facility in Indianapolis.
Once completed in early 2019, Oasis at 56th will be the only facility in the immediate neighborhood catering to low-income seniors in an assisted living property. Consisting of one four-story building, the property will offer 73 one-bedroom units and 51 studios.
The transaction is one of few assisted living facilities in the country financed with a Low-Income Housing Tax Credit (LIHTC) from the Department of Housing and Urban Development (HUD). Residents must make 60 percent or less of the area median income for 85 percent of the units.
Jeff Lawrence and Matt Baptiste led the Walker & Dunlop team in arranging a 40-year, fixed-rate loan with interest-only payments during construction. The borrower is the project’s developer, Integral Community Development.
Oasis at 56th will be situated on 3.2 acres near a variety of amenities and attractions such as golf clubs, parks, grocery stores and museums. A sister property, Oasis at 30th, is located 20 minutes away from the facility.