Walker & Dunlop, Inc. announced today that it structured $77,127,300 in financing for two large skilled nursing portfolios totaling ten properties and 848 units. The Cascades Portfolio, located throughout Utah, totals seven properties and 693 units. The Rollins-Nelson Portfolio includes three properties and 155 units located in Englewood, Long Beach, and Perris, California.
Walker & Dunlop’s Kevin Giusti, Brian Neal, and Andrew Westling leveraged their vast expertise and knowledge of skilled nursing financing solutions to build a tailored capital solution for each portfolio. The team utilized three different capital solutions for the Cascades Portfolio, including financing through the Department of Housing and Urban Development (HUD), a regional bank, and a finance company. For the Rollins-Nelson portfolio, the team worked closely with the borrower to refinance the existing HUD loan, capitalizing on the historically low interest rate environment and extending the term of the mortgage. Each of the transactions resulted in debt service savings, as well as cash back for repairs to the facilities.
"We were pleased to secure over $77 million in proceeds for our clients, helping to ensure that these skilled nursing facilities continue operations throughout the pandemic," said Mr. Giusti. “The protracted underwriting timelines that resulted from COVID challenged us to think outside of the box to find the best solutions for our clients, and we are thrilled with the result.”
Walker & Dunlop was recently ranked the #3 HUD lender based on both MAP (Multifamily Accelerated Processing) and LEAN volume for the 2021 calendar year. In 2021 alone, the firm originated nearly $737 million of seniors housing, skilled nursing, and healthcare transactions through various capital sources. To learn more about our capabilities and financing options, visit our website.
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. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune’s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.