Bethesda, Maryland – October 27, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today that it closed a $25,000,000 loan for Wheatland Village, located in Walla Walla, Washington, utilizing Fannie Mae financing. The property is a Class A-, independent living, assisted living, and memory care community owned and operated by Portland, Oregon-based Generations Senior Living.
Jeffrey Ringwald and William Jackson, both recent additions to Walker & Dunlop’s Dallas, Texas office, structured a 15- year, fixed-rate loan with a 30-year amortization schedule. The deal, which consolidated two separate loans and the associated property ground leases, also featured an estimated loan-to-value of 60 percent. The property was developed through a partnership between an affiliate entity of Generations Senior Living and a faith-based, non-profit hospital that has in excess of 20 hospitals and 2,890 beds under its management.
Mr. Ringwald commented, “As always, it was truly a pleasure working with Chip Gabriel and the Generations team on another debt financing. We were able to work closely with the Fannie Mae team to deliver an exceptionally low rate while combining two phases of the campus into one 15-year fixed-rate loan.”
Located in the heart of historic Walla Walla, Wheatland Village is immediately adjacent to Walla Walla General Hospital and close to several parks, country clubs, and golf courses. The property was built in 2004 and the memory care component was completed in 2013, making it the most modern senior care facility in its submarket and a popular choice for qualifying residents. It totals 234 units, comprised of 134 independent living, 62 assisted living, and 38 memory care; and living options consist of both attached units and detached cottages. Additional amenities include a general store, movie theater, library, chapel, gardens, and an 18-hole putting course. The property is the only age-in-place facility in the area and it maintains a superior reputation due to its best-in-class standards and significant ongoing investments in maintaining the property’s physical condition.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and 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 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.