February 7, 2018
Walker & Dunlop Inc. has structured an $82 million loan for Paradise Village, a 394-unit senior housing community in National City, Calif. The transaction is Fannie Mae’s first Green Rewards loan for a retirement property. Paradise Village was developed by a joint venture of Generations Senior Living (Generations) and a faith-based, nonprofit hospital. Replacing the previous construction loan, the Class A community received a new, 10-year loan, with two years of interest-only payments and a 30-year amortization schedule. The transaction also supplied cash-out to enable the financing of a new memory care facility, upon stabilization.