SPRINGFIELD, Ore., MESA, Ariz. and MAURERTOWN, Va. — Walker & Dunlop Inc. has provided $42.5 million in financing for a three-property, 240-unit assisted living and memory care portfolio.
The first property was Rawlin at Riverbend, a dedicated memory care facility in Springfield. Walker & Dunlop arranged a $13.5 million refinancing through Freddie Mac. After a short period of stabilization, the Freddie Mac loan enabled the sponsor, Onelife Investments, to recapitalize 100 percent of its equity while receiving a 15-year, fixed-rate loan.
In the second transaction, Walker & Dunlop provided a $25.8 million Fannie Mae loan backed by The Summit at Sunland Springs in Mesa. Avista Senior Living manages the property, which Ahlstrom Investments owns. Prior to the property's full stabilization, the team secured a 10-year, fixed-rate loan while recapitalizing the property owner's equity.
The third property, Dutch Haven in Mauerertown, utilized HUD's 232/223(f) refinance program for healthcare properties. The financing resulted in minimal transaction costs, enabled the repayment of existing bank debt, and allowed for over $1 million in capital expenditure reimbursements to the undisclosed property owner.
Walker & Dunlop's Kevin Giusti, Michael Davis, and Jeff Ringwald led the origination team.