Bethesda, Maryland – March 31, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today it provided a $14,125,000 bridge loan for Autumn House (East and West), senior living communities in York, Pennsylvania, featuring assisted living, independent living, and memory care.
Walker & Dunlop structured the loan using its interim loan program thereby providing time for the borrower to further stabilize operations and enhance value prior to conversion to a permanent U.S. Housing and Urban Development (HUD) loan (Healthcare Section 232/223f Refinance).
Located in Walker & Dunlop’s Baltimore office, Ken Buchanan, director of FHA underwriting, led the team that structured the loan. Mr. Buchanan stated, “Walker & Dunlop’s proprietary bridge loan program offers short-term nonrecourse loans to borrowers seeking to acquire or reposition multifamily and healthcare properties that do not currently qualify for permanent financing.” Mr. Buchanan further commented, “The borrower brought in an experienced management team and identified key areas for improvement such as lower management fees, replaced the food service provider, and reduced overtime.”
Stephen Bellone, principal, Persimmon Ventures, commented, “Ken Buchanan made a compelling pitch and showed a sincere interest in winning our business. We chose Walker & Dunlop because they addressed our requests and presented a competitive proposal. This was our first transaction with Walker & Dunlop, and in the end, they executed on what they committed to, and worked diligently through some unexpected obstacles towards a successful close. We look forward to working with the Walker & Dunlop team on future transactions.”
Autumn House (East and West) onsite services include laundry, activity programs and events, scheduled transportation to appointments, furnished or unfurnished rooms, physician/geriatrician, outpatient therapies, behavior health services, podiatrist, lab work, outside nursing services, and hospice.
About 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
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