Walker & Dunlop Closes $17 Million Seniors Housing Loan(13:35 Hrs. IST)
BETHESDA, Md., April 17, 2018 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured a $17,000,000 loan with Freddie Mac for American Orchards, a community offering assisted living and memory care services in Gilbert, Arizona.
Walker & Dunlop's team, led by Kevin Giusti, Jeff Ringwald, and Bill Jackson, structured the 10-year, non-recourse financing with two years of interest only payments at an attractive interest rate. This structure enabled the client to pay off the existing bank debt and cash out a sizeable amount of equity for future projects.
Chief Operating Officer and Managing Director of American Care Concepts, Casey Balmforth, commented, "Working with Walker & Dunlop through the Freddie Mac refinance program was great. The team guided us seamlessly through the process and helped us strategically take advantage of a strong lease-up at American Orchards. By securing long-term, fixed rate debt through Freddie Mac, we saw an opportunity to better position ourselves in the current market and for future growth opportunities."
"It was a pleasure working with the team at American Orchards to complete this financing," remarked Mr. Giusti, senior vice president at Walker & Dunlop. "We were able to recapitalize well over 100 percent of their equity, giving the client 'dry powder' for future development projects. Despite the size of the recapitalization, we were still able to achieve very favorable terms. The ownership team has done a remarkable job at American Orchards and we look forward to partnering with them on future projects."
Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The property has nurses on-site 24 hours a day and offers an enriching environment with wraparound porches, large windows and skylights for natural light and nature views, on-site library, indoor and outdoor dining areas, and a proprietary wellness program called Soul Purpose. American Orchards is situated near historic Downtown Gilbert, highly-regarded hospitals, and Freestone Park.
In the past five years, Walker & Dunlop's dedicated team of experts has closed over $3.9 billion of seniors housing and healthcare transactions. Learn more about Walker & Dunlop's ability to lend on seniors housing and healthcare properties:Walker & Dunlop Provides $10 Million Construction Loan for Senior Living Facility in Sonoma County Walker & Dunlop Provides $82 Million Green Loan for Seniors Housing Community in San Diego Walker & Dunlop Closes $222 Million Portfolio of Interest Rate Reduction Loans
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.