WALLA WALLA, Wash. — Walker & Dunlop Inc. (NYSE: WD) has arranged a $25 million loan for Wheatland Village, an independent living, assisted living and memory care community in Walla Walla, located in the southeastern corner of Washington near the Oregon border. The loan consolidates two existing loans on the property.
Generations Senior Living, based in Portland, Ore., operates the Class A community. The company developed the property in 2004 through a partnership with a nonprofit hospital. The memory care portion was added in 2013.
After the addition, the community features 134 independent living units, 62 assisted living units and 38 memory care units.
Jeffrey Ringwald and William Jackson of Walker & Dunlop structured the 15-year, fixed-rate, Fannie Mae loan with a 30-year amortization schedule. The transaction consolidates two existing loans and features a 60 percent loan-to-value ratio.