Walker & Dunlop, Inc. announced today that it has provided $28,300,000 in bridge financing for the acquisition of Pleasant Bay Campus, a 25-acre property comprising The Woodlands at Pleasant Bay, an assisted living community, as well as Pleasant Bay Nursing and Rehabilitation Center. The 194-bed campus is located in Brewster, Massachusetts.
The debt was structured and provided by Walker & Dunlop’s bridge lending program, which utilizes the company’s own balance sheet to offer short-term, nonrecourse loans for properties that are being acquired or repositioned as part of a new business strategy.
Led by Managing Director Joshua Rosen, the Walker & Dunlop team structured the financing to cover approximately 90 percent of the acquisition costs. Featuring flexible prepayment options, the two-year loan includes interest-only payments for the entire life of the loan. The owner plans to conduct renovations at the property, positioning it for conversion to permanent financing through the United States Department of Housing and Urban Development (HUD) in 2021.
“It’s a pleasure to offer a longtime client the experience and service that differentiates Walker & Dunlop. This transaction is a perfect representation of the company’s unique suite of offerings, which provide tailored solutions – such as a short-term bridge loan – at the right time,” said Mr. Rosen. “We were also pleased to complete the transaction quickly, allowing the borrower to execute their acquisition of both facilities within a limited timeframe.”
“Having completed more than $2.4 billion in bridge loans since the inception of Walker & Dunlop’s bridge lending 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 company’s interim lending platform. “Leveraging our knowledge of HUD financing, we underwrote this transaction with the Agency’s terms and conditions in mind – this will enable a seamless transition to permanent financing at the termination of the bridge loan.”
Located where the communities of Brewster, Orleans, Harwich and Chatham intersect at the elbow of Cape Cod, Pleasant Bay offers a wide range of physical and occupational therapy solutions for patients and residents seeking both long-term and short-term care. The property is conveniently situated near several hospitals and physicians’ offices and consists of two standalone facilities: a 135-bed skilled nursing facility and a 59-unit assisted living facility, which contains a state-of-the-art wellness center and a heated lap pool. Pleasant Bay also offers a tranquil natural environment, complete with sprawling gardens, expansive family lounges, transportation options, and 24-hour assistance. The property is operated by Point Group Care, an experienced local operator.
Walker & Dunlop is ranked 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 financing options, including the bridge lending program. 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 the firm’s 800+ professionals in 32 offices across the nation have an unyielding commitment to client satisfaction.