Section 538 loans in Indiana
USDA's public file lists 35 Section 538 guaranteed loans in Indiana, $50,345,770 in all, financing 1,565 apartments. 31 of them also used housing tax credits. The median loan covered 32% of total development cost.
Lenders on these loans
- GREYSTONE SERVICING COMPANY LLC13
- LUMENT REAL ESTATE CAPITAL, LLC9
- MERCHANTS CAPITAL CORP.8
- BONNEVILLE MORTGAGE COMPANY, LLC3
- BELLWETHER ENTERPRISE REAL ESTATE2
Lender names as USDA records them. Open Country is not affiliated with any lender listed.
| Project | Closed | Loan | Loan to cost | Units | 1BR / 2BR / 3BR rent |
|---|---|---|---|---|---|
| Sunny Knolls Apartments Winchester · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP. | 2025 | $836,000 | 11% | 32 | $751 / $854 / - |
| Rivergreen Apts Huntington · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP. | 2025 | $1,050,000 | 13% | 40 | $424 / $545 / - |
| Hamilton Place - Arcadia Arcadia · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2025 | $6,262,580 | 65% | 54 | $947 / $1,033 / $1,435 |
| Madison Cottages Rensselaer · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2025 | $10,834,990 | 64% | 132 | $893 / $1,074 / $1,228 |
| 802 Center Apartments Warsaw · New Construction · BONNEVILLE MORTGAGE COMPANY, LLC | 2023 | $2,400,000 | 17% | 73 | - / $597 / - |
| Country View Senior Apartments New Pekin · Rehab/Repair · LUMENT REAL ESTATE CAPITAL, LLC | 2022 | $1,284,700 | 37% | 30 | $600 / $700 / - |
| Riverbend Senior Apartments Vevay · Rehab/Repair · LUMENT REAL ESTATE CAPITAL, LLC | 2022 | $1,138,500 | 41% | 24 | $629 / $725 / - |
| Copperfield Apartments Trafalgar · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $615,000 | 30% | 16 | $619 / $699 / - |
| Country Village Apartments Waveland · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $870,000 | 39% | 19 | $640 / $720 / - |
| Indian Springs Crawfordsville · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $907,000 | 32% | 24 | - / $650 / $780 |
| Park Plaza Apartments Farmersburg · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $540,000 | 33% | 16 | $580 / $645 / - |
| Kewanna Village Kewanna · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $800,000 | 50% | 16 | $562 / $705 / - |
| Laurel Park Apartments Laurel · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $775,000 | 45% | 16 | $660 / $720 / $800 |
| Meadowbrook Apartments Scottsburg · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $1,450,000 | 30% | 46 | $505 / $615 / - |
| Topeka Trace Apartments Topeka · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $917,000 | 33% | 24 | $560 / $675 / - |
| Valley View Apartments Hartford City · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $2,640,000 | 63% | 48 | $666 / $749 / - |
| Waterscape Apartments Vevay · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $1,119,000 | 43% | 24 | $610 / $690 / $745 |
| Westwind Crawfordsville Apts Crawfordsville · Rehab/Repair · GREYSTONE SERVICING COMPANY LLC | 2021 | $1,000,000 | 35% | 32 | $519 / $579 / - |
| Westwind Linden Apartments Linden · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $1,215,000 | 53% | 25 | $657 / $823 / - |
| Windsor Apartments Charlestown · Rehab/Repair · LIHTC · GREYSTONE SERVICING COMPANY LLC | 2021 | $1,818,000 | 62% | 30 | $603 / $818 / - |
| Country Apartments Brownstown · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2019 | $1,675,000 | 19% | 56 | - / $603 / $726 |
| Panoramic I Apartments Liberty · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP. | 2016 | $845,000 | 50% | 32 | - / $695 / - |
| Panoramic III Apartments Centerville · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP. | 2016 | $968,000 | 50% | 32 | $590 / $715 / - |
| Panoramic IV Apartments Centerville · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP. | 2016 | $910,000 | 39% | 32 | - / $665 / - |
| 23 South Apartments Walkerton · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP. | 2016 | $435,000 | 30% | 22 | $535 / $640 / - |
| Summit Pointe Apartments Lawrenceburg · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2013 | $224,000 | 2% | 83 | $474 / $576 / $629 |
| Summit Pointe Apartments Lawrenceburg · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2013 | $1,576,000 | 16% | 83 | $474 / $576 / $629 |
| Burnett Manor Apartments Rockville · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2012 | $900,000 | 18% | 60 | $528 / $650 / - |
| Stonegate Village Apartments New Castle · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2011 | $402,829 | 4% | 122 | $359 / $466 / $594 |
| Stonegate Village Apartments New Castle · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2011 | $577,171 | 6% | 122 | $359 / $466 / $594 |
| Rushville Commons Apartments Rushville · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2010 | $700,000 | 17% | 48 | $476 / $543 / - |
| Skybird Apartments Greensburg · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2010 | $550,000 | 12% | 60 | $435 / $482 / - |
| Betz Senior Villas Auburn · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2010 | $1,100,000 | 25% | 38 | $412 / $518 / - |
| Spicewood Garden Apartments Sheridan · New Construction · LIHTC · MERCHANTS CAPITAL CORP. | 2010 | $450,000 | 14% | 26 | - / $368 / - |
| Country Trace Apartments Palmyra · New Construction · LIHTC · MERCHANTS CAPITAL CORP. | 2009 | $560,000 | 15% | 28 | $330 / $397 / - |