Walker & Dunlop, Inc. announced today that it has provided $11,028,500 in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora, Illinois. 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, non-recourse loans for properties that are being acquired or repositioned as part of a new business strategy.
Walker & Dunlop Managing Director Joshua Rosen and the bridge lending team structured the financing to cover acquisition costs for the owner, Cascade Capital Group. Featuring flexible prepayment options, the loan includes a nine-month term with full-term interest only payments. The property is well-positioned to convert to permanent financing through the United States Department of Housing and Urban Development (HUD) in late 2020.
Mr. Rosen commented, "This transaction is a perfect representation of Walker & Dunlop's unique range of offerings, which provide tailored solutions to our clients when they need them. Our short-term financing enabled the borrower to quickly execute this acquisition on an expedited timeline. He added, "It's a pleasure to offer a longtime client the experience and service that differentiates Walker & Dunlop."
Located in Aurora, Illinois, a far-western suburb of Chicago, The Vistas Fox Valley is one of the most advanced providers of post-hospital care in the Fox River Valley region. The Vistas Fox Valley is designed to appeal to the unique needs and expectations of seniors 65+, offering a safe, engaging environment with full medical support and rehabilitation services. The property is conveniently located near many of the area's top hospitals and healthcare facilities and offers hotel-like amenities such as spacious private suites, housekeeping services, expansive family lounges, an on-site spa and salon, dining services, transportation options, and 24-hour medical assistance.
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 and dedicated senior housing property sales teams in Chicag, Illinois and Portland, Oregon. Since the inception of the bridge lending program, Walker & Dunlop has completed more than $2.4 billion in bridge financing. 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 800+ professionals in 39 offices across the nation have an unyielding commitment to client satisfaction.