INDIANAPOLIS—The owners of the 324-unit Overlook at Valley Ridge apartment complex here have signed for a $22.2 million refinance loan for the property.

Scott Graber, senior vice president with Johnson Capital, arranged the FHA Section 223(f) loan. The unnamed family-owned apartment company bought the complex in 2006. This is the second refinance on the property.

Graber said in a statement that the 35-year, non-recourse FHA insured loan was funded by a Huntoon Hastings Inc. a whole owned subsidiary of Johnson Capital. The new debt is fully amortizing and carries a fixed interest rate in the low 2 percent range, he said. The loan was processed by the Indianapolis FHA program center, Graber said.