BLUFFTON and HILTON HEAD, S.C.; TUCSON, Ariz.; and JACKSON, Tenn. — Walker & Dunlop Inc. has structured $37.4 million in financing for four assisted living and memory care facilities.
The finance transactions included $5.5 million for Bloom at Bluffton in Bluffton; $5.8 million for Bloom at Hilton Head in Hilton Head; $16.1 million for Cascades of Tucson in Tucson; and $10 million for Regency of Jackson in Jackson.
Kevin Giusti and Brian Neal led the origination team.
The Bloom portfolio, comprising two assisted living and memory care communities with 117 total units in South Carolina, was originally brought to the team through Alex Vice, who arranged the sale of the assets to WindRiver Cos. Working alongside the firm’s capital markets group, the team identified Locust Point Capital as the lender. The $11.3 million acquisition financing featured an 85 percent loan-to-value ratio with a two-year term.
The Walker & Dunlop team refinanced the Cascades of Tucson, a 196-unit facility with assisted living, memory care and independent living rooms, with HUD financing. The transaction lowered the interest rate on the property’s existing mortgage, replacing the debt with a 35-year, fixed-rate loan. The new debt also provided approximately $1.2 million in proceeds for capital improvements, which will include kitchen and dining renovations.
For Regency Jackson, a 74-unit assisted living facility, the Walker & Dunlop team provided a 35-year, fixed-rate loan through HUD. The team also negotiated a new mortgage on behalf of Regency Senior Living. The refinance replaced existing debt, provided approximately $2 million in reimbursements to the borrower, and funded repairs and improvements at the property.