CCN 155409 · Marion County, Indiana
Waters of Indianapolis, the
3895 S Keystone Ave, Indianapolis, IN 46227
Waters of Indianapolis, the is a 81-bed for-profit nursing home in Indianapolis, Indiana, first certified for Medicare or Medicaid in 1991. CMS rates it 2 out of 5 stars overall in its September 2026 data, and it averaged 64.4 residents a day, about 80% of its certified beds. It has an active FHA-insured Section 232 loan: $6.1 million originally, at 3.40%, with $4.2 million outstanding as of September 30, 2026 and maturity in August 2043.
Facility facts
- Certified beds
- 81
- Average residents per day
- 64.4 (79.5% of beds)
- Ownership type
- For profit - Limited Liability company
- Certification
- Medicare and Medicaid
- Legal business name
- Major Hospital
- Certified since
- Nov 1, 1991
- Chain or affiliated group
- Infinity Healthcare Consulting (70 facilities, chain average 2.1 stars)
- Location
- Urban
Ratings and staffing
Star ratings run from 1 to 5. Staffing is nurse hours per resident per day from CMS Payroll Based Journal data; turnover is the CMS annual nursing staff turnover rate. Occupancy is CMS's average daily census divided by certified beds.
| Measure | This facility | Indiana median | US median |
|---|---|---|---|
| Overall rating | 2 of 5 | State spread: 90 at 1, 99 at 2, 83 at 3, 113 at 4, 119 at 5 | |
| Health inspections | 2 of 5 | ||
| Quality measures | 3 of 5 | ||
| Staffing | 2 of 5 | ||
| Total nurse hours per resident per day | 3.29 | 3.55 | 3.68 |
| RN hours per resident per day | 0.55 | 0.60 | 0.58 |
| Weekend nurse hours per resident per day | 3.00 | ||
| Nursing staff turnover | 46.6% | 45.3% | 44.9% |
| Occupancy (residents / beds) | 79.5% | 78.6% | 85.7% |
| Fines reported by CMS | None | ||
| Health deficiencies, latest standard survey | 8 (Jun 26, 2025) | ||
HUD 223(f) Express Lane: the CMS part
HUD gives 223(f) applications queue priority when the facility has CMS overall and health inspection ratings of at least 2 stars and no abuse icon, among other tests (ORCF criteria of March 31, 2026). Waters of Indianapolis, the does not meet it today: the abuse icon. The loan-to-value, coverage and operator tests depend on the deal. All the criteria.
Who owns and operates it
These are the owners and operators the facility reported to CMS: anyone with a 5% or greater direct or indirect stake, and any organization with operational or managerial control.
| Name | Role | Share | Since |
|---|---|---|---|
| The Waters of Indianapolis, LLCOrganization | Operational / Managerial Control | n/a | 05/19/2014 |
| Kesler, HeatherIndividual | Operational / Managerial Control | n/a | 05/19/2014 |
Changes of ownership
No change of ownership for this facility appears in the CMS change-of-ownership file, which starts in January 2016.
HUD Section 232 loans
HUD's Office of Healthcare Programs lists these FHA-insured loans for a project we matched to this facility by name, city and bed count. Status, rate and balance come from HUD's insured-mortgage files as of September 30, 2026. Check the FHA number against the loan documents before relying on the match.
| Endorsed | Program | Original amount | Status | FHA number |
|---|---|---|---|---|
| Jul 30, 2013 | 223(a)(7) refinance of a 223(f) loanHUD project name: The Waters of Indianapolis, 81 beds. Lender at endorsement: Capital One Mf Finance LLC | $6,058,800 | Active: 3.40%, $4,204,991 balanceMatures Aug 1, 2043. Servicer: Capital One NA | 07322223 |
| Jul 23, 2008 | 223(f) refinance or purchaseHUD project name: The Waters of Indianapolis, 81 beds. Lender at endorsement: Capital Funding Group | $6,058,800 | Ended Jul 30, 2013Prepayment | 07322062 |
Sources and dates
Facility, rating, staffing and ownership data: CMS Provider Information and CMS Ownership, processing date September 2026. Private equity, REIT and mortgage-interest flags and changes of ownership: CMS Skilled Nursing Facility All Owners and Change of Ownership files (2026-10-01). FHA-insured loans: HUD Office of Healthcare Programs endorsement database, data run July 8, 2026. How we join them, and what the join can get wrong: methodology.
SNF Register is independent. It is not affiliated with or endorsed by CMS, HUD or FHA. Spotted an error? Write to hello@hudskillednursing.loan.