LUBBOCK, Texas, HUNTSVILLE, Ala., and ROME, Ga. — Walker & Dunlop Inc. has arranged a total of $46.9 million in loans for Crown Point Health Suites in Lubbock, Regency Retirement Village in Huntsville and Regency Riverwood Senior Living in the Atlanta suburb of Rome.
Crown Point Health Suites is a Class A skilled nursing facility built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The $15.5 million loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion.
Regency Retirement Village is a 254-unit continuing care retirement community built in 1980, with the addition of a skilled nursing facility built in 2015. The $20.5 million refinancing will allow the borrower additional funding to convert an existing wing to a 34-unit assisted living wing with space allocated to veterans.
Regency Riverwood Senior Living is an assisted living and memory care facility built in 1985, with additions and renovations made in 2012. The 80-bed facility includes 34 memory care units, and an additional wing of 24 units is scheduled to be built following the conversion of the $10.6 million bridge loan into permanent HUD financing.
Both Regency Retirement Village of Huntsville and Regency Riverwood Senior Living were structured as one- to three-year terms with a floating rate and interest-only payments. The loans, both bridge-to-HUD, consolidated multiple loans into one each.
Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.