ILLINOIS and WISCONSIN — Walker & Dunlop Inc. has originated $65.7 million in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities and memory care centers across Illinois and Wisconsin.
Walker & Dunlop’s Midwest FHA Finance team, led by Joshua Rosen, Brad Annis, and Johnny Rice, arranged the construction loan and refinancings on behalf of five clients.
The loans included:
Elevate Care Waukegan
Location: Waukegan, Illinois
Amount: $21.2 million
Walker & Dunlop arranged a 232/223(f) HUD loan to refinance existing commercial debt, partnership debt, and fund recent capital improvements for the 105-unit community. Elevate Care Waukegan is also located in a dedicated Opportunity Zone.
Asbury of Kankakee
Location: Kankakee, Illinois
Amount: $12.6 million
Walker & Dunlop arranged a 241(a)- NC addition HUD loan, which finances repairs for properties with an existing HUD loan. Walker & Dunlop arranged the original HUD loan in 2020, with the new construction loan covering a 56-unit addition. Asbury of Kankakee is also located in a dedicated Opportunity Zone.
Allure of Galesburg
Location: Galesburg, Illinois
Amount: $10.9 million
Walker & Dunlop arranged a 232/223(f) HUD loan that replaced its existing commercial bank bridge financing for the 47-unit, two-asset portfolio acquisition, marking the client’s first-time utilization of the HUD-insured program.
Allure of Moline
Location: Moline, Illinois
Amount: $8.4 million
Walker & Dunlop arranged a 232/223(f) HUD loan that replaced its existing commercial bank bridge financing for the 60-unit, two-asset portfolio acquisition, marking the client’s first-time utilization of the HUD-insured program.
Crossroads Care Center of Sun Prairie
Location: Sun Prairie, Wisconsin
Amount: $6.5 million
Walker & Dunlop arranged a 232/223(f) HUD loan that replaced commercial bank bridge financing for the 29-unit, two-asset portfolio acquisition. Crossroads Care Center of Sun Prairie is also located in a dedicated Opportunity Zone.
Aperion Care St. Elmo
Location: St. Elmo, Illinois
Amount: $4.3 million
Walker & Dunlop arranged a 232/223(f) HUD loan that replaced commercial debt and funded capital improvements for the 29-unit community.
Crossroads Care Center of Fond Du Lac
Location: Fond Du Lac, Wisconsin
Amount: $1.7 million
Walker & Dunlop arranged a 232/223(f) HUD loan that replaced commercial bank bridge financing for the 50-unit, two-asset portfolio acquisition.