Kim Hendren Of Indiana University Secures $39.75M Refinance Loan For Stadium Crossing In Bloomington IN
298 Varsity Lane
$39,750,000
Units
226
Asset Type
Senior Housing
Closing
Apr 23, 2026
AI
The asset involved in this transaction is a senior housing complex located at 298 East Varsity Lane in Bloomington, IN. The property features 226 units with a total of 734 beds, reflecting its capacity to cater to a significant number of residents. The transaction pertains to a refinance loan amounting to $39,750,000.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $39,750,000
- Loan Type: Refinance
- Lender: Peter Illuzzi - Knighthead Funding
- Landlord: Kim Hendren - Indiana University
This deal was facilitated by University Properties, which secured the refinance loan for Stadium Crossing, a student housing complex strategically positioned across from Memorial Stadium. The transaction is indicative of strong occupancy levels and increasing demand as a result of Indiana University's growth in the wake of its national championship season.
Players
Bloomington Senior Housing Market Snapshot
Boundary boundary · Senior Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93