Walker & Dunlop, Inc. announced today that it structured $55,680,000 in financing for three skilled nursing facilities in the Chicago, Illinois area: Chalet Living & Rehab Center, The Grove of Evanston, and The Grove of La Grange Park.
Senior Managing Director Joshua Rosen led the origination team at Walker & Dunlop in securing significant debt coverage savings for the property owner and long-time client. The team utilized their deep understanding of U.S. Department of Housing and Urban Development’s (HUD) loan programs to apply the Section 232/223(a)(7) Refinance option to each property’s existing HUD loans. The permanent loans also feature terms of approximately 27 years and attractive fixed rates.
Chalet Living & Rehab Center
The Grove of Evanston
The Grove of La Grange Park
“This three-pack transaction is an excellent example of Walker & Dunlop’s ability to provide new opportunities for skilled nursing facilities amid a global pandemic,” commented Senior Managing Director Joshua Rosen. “Our team’s substantial expertise in seniors housing and healthcare facilities finance has helped our clients provide care and housing for our country’s most vulnerable populations during a time when they need it most.”
Chalet Living & Rehab Center, located in Chicago, Illinois, includes large private suites, a library, and spacious communal areas. The Grove of Evanston, a nursing home in Evanston, Illinois, hosts on-site spa and salon services and a bistro for residents to meet with visitors. In La Grange Park, Illinois, The Grove of La Grange Park provides advanced post-hospital care with services such as escorted transportation to medical appointments and visits home.
Walker & Dunlop is the #1 provider of capital to the U.S. multifamily market and is ranked the 5th largest HUD lender1. In 2020 alone, the firm originated nearly $600 million of seniors housing, skilled nursing, and healthcare transactions through various capital sources. For information about Walker & Dunlop's view on the housing market, including expert perspectives on markets, leadership, and the road ahead, visit our Driven by Insight information center.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office retail, and hospitality. Surpassing $41 billion of total transaction volume in 2020, Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. With more than 1,000 employees across every major U.S. market, Walker & Dunlop’s people, technology, and customer insight have allowed it to grow faster than industry peers and deliver total shareholder return of over 800% in its first ten years as a public company.
1 HUD.gov, based on origination volume for the agency’s 2020 fiscal year