CCN 155717 · Marion County, Indiana
Alpha Home - a Waters Community
2640 Cold Spring Rd, Indianapolis, IN 46222
Alpha Home - a Waters Community is a 86-bed for-profit nursing home in Indianapolis, Indiana, first certified for Medicare or Medicaid in 2002. CMS rates it 1 out of 5 stars overall in its September 2026 data, and it averaged 59.3 residents a day, about 69% of its certified beds. We found no FHA-insured Section 232 loan for it in HUD's healthcare endorsement database (fiscal 2001 onward).
Facility facts
- Certified beds
- 86
- Average residents per day
- 59.3 (69.0% of beds)
- Ownership type
- For profit - Limited Liability company
- Certification
- Medicare and Medicaid
- Legal business name
- Henry County Memorial Hospital
- Certified since
- Oct 11, 2002
- 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 | 1 of 5 | State spread: 90 at 1, 99 at 2, 83 at 3, 113 at 4, 119 at 5 | |
| Health inspections | 1 of 5 | ||
| Quality measures | 4 of 5 | ||
| Staffing | 2 of 5 | ||
| Total nurse hours per resident per day | 3.24 | 3.55 | 3.68 |
| RN hours per resident per day | 0.59 | 0.60 | 0.58 |
| Weekend nurse hours per resident per day | 3.03 | ||
| Nursing staff turnover | 34.7% | 45.3% | 44.9% |
| Occupancy (residents / beds) | 69.0% | 78.6% | 85.7% |
| Fines reported by CMS | 1 totaling $22,386 | ||
| Health deficiencies, latest standard survey | 12 (Dec 5, 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). Alpha Home - a Waters Community does not meet it today: overall rating 1, health inspection rating 1. 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 |
|---|---|---|---|
| Henry County Memorial HospitalOrganization | Direct Ownership Interest | 100% | 09/04/2014 |
| Alpha Home - a Waters CommunityOrganization | Operational / Managerial Control | n/a | 05/22/2015 |
| Aperion Care Fort Wayne LLCOrganization | Operational / Managerial Control | n/a | 09/21/2018 |
| Mustaklem, MarwanIndividual | Operational / Managerial Control | n/a | 08/01/2020 |
| Reed, DavidIndividual | Operational / Managerial Control | n/a | 11/25/2024 |
| Ring, BrianIndividual | Operational / Managerial Control | n/a | 08/01/2022 |
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
No FHA-insured loan matching this facility appears in HUD's database of healthcare endorsements, which covers fiscal 2001 onward (HUD data run of July 8, 2026). A loan could still exist under a different project name or from before 2001.
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.