BETHESDA, Md. — Walker & Dunlop Inc. (NYSE: WD) has arranged $222 million in HUD interest rate reductions for a portfolio of 30 skilled nursing properties.
The borrower was an investment partnership composed of major domestic and international investment funds, under the asset management of a healthcare investment organization. The properties were skilled nursing facilities located in the Midwest and Pennsylvania. Further details were not disclosed.
HUD created the Interest Rate Reduction (IRR) program in 2013 as an alternative to its other refinancing options to allow existing HUD multifamily borrowers to more easily take advantage of low interest rates. Through the program, the mortgage interest rate is reduced without affecting the maturity date or other mortgage terms.
Michael Vaughn and Kevin Giusti led the Walker & Dunlop team on the transaction.