Bethesda, Maryland – December 02, 2016
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today it structured a $41,040,000 construction loan for Big Rock Partners’ Class A, senior living rental community in Celebration, Florida. This is the second senior living transaction the Company has financed for Big Rock Partners this year; the first loan was for Atria at Villages of Windsor in Palm Beach County, Florida.
Albert Rex, managing director, and Marty McGrogan, assistant vice president, led the Walker & Dunlop team. The threeand-a-half-year loan was structured with three years of interest-only payments, followed by a 25-year amortization schedule.
Big Rock Partners’ Senior Managing Principal, Richard Ackerman, remarked, “The senior living sector is increasingly attractive to lenders and institutional investors, but they’ve been hard-pressed to find product that meets their criteria. Walker & Dunlop recognized that our Celebration community’s caliber, size, and prime location makes it a highly desirable opportunity.”
Scheduled to open in spring 2018, this full-service senior living healthcare community will provide a new luxury housing experience for seniors in Disney’s Celebration neighborhood, one of Orlando’s premier locations. There will be a total of 239 units comprised of 151 independent living units, 55 assisted living units, and 33 memory care units. This property will be the only senior housing development in the area and will feature two restaurants, a spa, an all-purpose room, and a state of the art movie theater. There will also be a top-floor solarium ideal for viewing Disney World’s fireworks displays. The new development’s resort-style layout encourages seniors to stay active and involved in the community. The location, within two miles of Florida Hospital Celebration Health, in addition to its amenities and décor will make the new senior living community at Celebration superior to any other rental property in the market.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 500 professionals in 27 offices across the nation with an unyielding commitment to client satisfaction.