Walker & Dunlop, Inc. announced today that it structured financing for two seniors housing properties. The loans provided $45,000,000 to EWS Real Estate Investment Company for Palo Alto Commons, a 181-unit property located in Palo Alto, California, and $41,000,000 to The MW Group for The Plaza at Moanalua, a 160-bed community located in Honolulu, Hawaii. Both properties offer assisted living, independent living, and memory care services.
Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, and Mr. Dey and Senior Managing Director Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured attractive fixed rates and an interest-only component.
Mr. Dey commented, “Although the past nine months have been extremely challenging for the seniors housing sector as a whole, we’ve been fortunate to work with clients on properties that have done a great job dealing with the many COVID-related challenges.” He added, “We are thrilled that, thanks to our strong partnership with Freddie Mac, we were able to get these transactions closed despite the ongoing volatility in the broader market.”
Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one-, and two-bedroom units. Amenities at the property include an on-site salon, swimming pool, and clubhouse, as well as individual balconies or patios within each unit. The surrounding neighborhood is desirable for residents, as the property is located near a major shopping center, hospital, and several restaurants, grocers, and pharmacies.
The Plaza at Moanalua is a Class A seniors housing community built in 2011. Residents benefit from housekeeping services, exercise classes, restaurant-style meals, transportation, living rooms and outdoor sitting areas, a fitness room and physical therapy room, and access to a nursing team 24 hours a day.
Walker & Dunlop is one of the largest multifamily lenders in the country and was the third largest Freddie Mac lender in 2019. Since 2009, Walker & Dunlop has financed $4.9 billion of seniors housing and healthcare transactions. For more information about Walker & Dunlop’s activity in the senior living space, please visit our website.
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 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.