Walker & Dunlop's Charlotte-Based Healthcare Team Completes $43 Million in Financing for Several Specialized Properties
Bethesda, Maryland |
Feb. 11, 2019
Bethesda, Maryland – February 11, 2019 – Walker & Dunlop, Inc. announced today that it provided $42,605,500 in financing for specialized healthcare properties located throughout the country. Comprising a total of 240 units, the group of properties includes assisted living and memory care facilities.
Walker & Dunlop’s Kevin Giusti, Michael Davis, and Jeff Ringwald led the origination team, which has extensive experience with senior housing and skilled nursing facilities. Leveraging their knowledge of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD) lending platforms, the Walker & Dunlop team provided customized cash-out solutions that ultimately enabled each property owner to execute their unique business strategies.
For the Rawlin at Riverbend, a dedicated memory care facility in Springfield, Oregon, Walker & Dunlop arranged a $13.5 million refinance through Freddie Mac. After a short period of stabilization, the Freddie Mac loan enabled the sponsor, Onelife Investments, to recapitalize 100 percent of their equity while providing a 15-year, fixed rate loan at a very attractive interest rate.
Onelife Development’s Zack Falk stated, “It’s been our goal to take advantage of the low interest rate environment through long term, non-recourse debt. As we watched interest rates start to rise, the Walker & Dunlop team was quick to help us lock in an attractive rate. Their experience, organization, and speed undoubtedly saved us a substantial amount of money over the life of the loan.”
The team also structured a $25.8 million Fannie Mae loan backed by The Summit at Sunland Springs, located in Mesa, Arizona which is managed by Avista Senior Living and owned by Ahlstrom Investments. Prior to the property’s full stabilization, the team secured an attractive 10-year, fixed rate while recapitalizing the property owner’s equity
“Walker & Dunlop was extremely helpful in navigating the re-finance of The Summit,” said Craig Ahlstrom, of Ahlstrom Senior Living, Inc. “All of those involved in the process from origination to closing were very knowledgeable regarding the various aspects of the loan process. We even closed a few days earlier than we had anticipated.”
The third property, Dutch Haven, utilized HUD’s 232/223(f) refinance program for healthcare properties. The team’s deep understanding of HUD’s lending programs resulted in minimal transaction costs, enabled the repayment of existing bank debt, and allowed for over $1.0 million in capital expenditure reimbursements to the property owner.
Mr. Giusti commented, “As the second-largest living generation in the U.S., the aging demographic of baby boomers continues to increase the need for assisted living, memory care, and skilled nursing facilities. We’re pleased to be a part of these ever-evolving housing solutions and to employ our expertise for our clients.”
Walker & Dunlop is ranked as the 3rd largest HUD MAP lender, 2nd largest Fannie Mae DUS® multifamily lender and 4th largest Freddie Mac OptigoSM multifamily lender and closed nearly $800 million of seniors housing and healthcare transactions in 2018 alone. Learn more about Walker & Dunlop’s ability to lend on seniors housing and healthcare properties:
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
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