CLOVERDALE, Calif. — Walker & Dunlop Inc. has provided $10 million in HUD financing for the construction of Vine Ridge, a 51-unit assisted living community in the Sonoma County city of Cloverdale.
The community will consist of a two-story, 42,000-square-foot building on a 2.5-acre site.
Western Living Concepts is developing and will operate the property, the second seniors housing community in its portfolio. Vine Ridge is scheduled for completion in 2019.
Walker & Dunlop's team, led by Kevin Giusti, closed the loan through HUD's Section 232 loan program, which provides financing for nursing homes, assisted living facilities, memory care, independent living, and board and care facilities. The program provides the borrower with a non-recourse, fixed-rate mortgage throughout the construction period and 40-year permanent term of the mortgage.