NATIONAL CITY, Calif. — Walker & Dunlop Inc. (NYSE: WD) has provided an $82 million loan for Paradise Village, located just outside of San Diego in National City.
Built in 2009, Paradise Village consists of seven four-story buildings and 394 units of independent living, assisted living and memory care.
The 10-year loan provided a two-year period of interest-only payments and a 30-year amortization schedule for Generations Senior Living. The financing replaced a previous construction loan and provided cash to enable the financing of an adjacent, newly developed memory care facility.
The transaction for the Class A independent living, assisted living and memory care community represents Fannie Mae's first Green Rewards loan backed by a seniors housing property, according to Walker & Dunlop.
Jeff Ringwald and Bill Jackson led the Walker & Dunlop team.