Walker & Dunlop, Inc. announced today that it has provided $12,800,000 in bridge financing for The Grove Fox Valley, a 156-bed skilled nursing facility located in Aurora, Illinois. The debt was structured and provided by Walker & Dunlop’s bridge lending program, which utilizes its own balance sheet to offer short-term, nonrecourse loans for properties that are being repositioned as part of a new business strategy.
Led by Managing Director Joshua Rosen, the team structured the acquisition financing to cover 100 percent of the acquisition cost in addition to working capital and capital expenditures for the owner, Cascade Capital Group. The loan includes a nine-month term, flexible prepayment options, and full-term interest-only payments. The property is well-positioned with ample time to convert to permanent financing through the United States Department of Housing and Urban Development (HUD) in early 2020.
Said Mr. Rosen, “This transaction is a perfect example of how Walker & Dunlop’s breadth of offerings benefits our clients.” He added, “Our balance sheet lending capabilities are unique because they allow me to provide the right solution at the right time. In this case, we provided short-term financing to enable the borrower to execute this acquisition while adhering to tight timeframes.”
“As one of the largest commercial real estate lenders in the country– and having completed more than $2.4 billion in bridge loans since the inception of the program– we have the experience to deliver flexible solutions that meet our customers’ unique needs,” commented Brian Casey, Senior Vice President and Head of the bridge lending program at Walker & Dunlop.
Located 40 miles west of Downtown Chicago, The Grove Fox Valley utilizes the latest rehabilitation techniques and is one of the most advanced facilities providing post-hospital care in the Fox River Valley. The property is conveniently located near many of the area’s leading hospitals and physicians’ offices. Offering a tranquil, healing environment, the facility is also outfitted with hotel-like amenities such as private suites, an on-site spa and salon, family lounges, and high-speed wi-fi.
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. To complement its strong presence in the multifamily and healthcare lending space, the company offers a full suite of commercial real estate finance capabilities, such as the bridge lending program and dedicated senior housing property sales teams in Chicago, Illinois and Portland, Oregon. For more information about our bridge lending capabilities, read the following press releases:
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. 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.