Walker & Dunlop Arranges $3.4M Loan for Washington Assisted Living Community

by Jeff Shaw

VANCOUVER, Wash. — Walker & Dunlop Inc. (NYSE: WD) has closed a $3.4 million loan for Arbor Ridge Assisted Living with the Vancouver Housing Authority.

Arbor Ridge Assisted Living provides affordable housing for seniors who cannot afford private facilities within the local market. This is the first Rental Assistance Demonstration (RAD) transaction Walker & Dunlop and HUD’s Lean 232 program have completed for a health care facility.

The RAD program is HUD’s major effort to recapitalize public affordable housing. RAD focuses on conserving affordable rental housing, meeting the needs of residents and constructing lasting communities along with supporting future property improvements.

The Arbor Ridge transaction was structured with a 35-year term and a 35-year amortization schedule. Additionally, the loan was written to a 78.5 percent loan-to-value and 1.45 debt service coverage ratio.

Michael Vaughn, senior vice president, led the Walker & Dunlop team.

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