Walker & Dunlop Funds $28M Bridge Financing for Pleasant Bay Campus on Cape Cod

BREWSTER, Mass. — Walker & Dunlop has provided $28.3 million in bridge financing for the acquisition of Pleasant Bay, a 25-acre seniors housing campus in the Cape Cod town of Brewster.

The property comprises The Woodlands at Pleasant Bay, a 59-unit assisted living community, as well as the 134-bed Pleasant Bay Nursing and Rehabilitation Center. Point Group Care operates the community, but the specific borrower was not disclosed.

Joshua Rosen structured the debt using Walker & Dunlop’s bridge lending program, which utilizes the company’s own balance sheet to offer short-term, nonrecourse loans for properties that are being acquired or repositioned as part of a new business strategy. The financing will cover approximately 90 percent of the acquisition costs.

Featuring flexible prepayment options, the two-year loan includes interest-only payments for the entire life of the loan. The owner plans to conduct renovations at the property, positioning it for conversion to permanent financing through the United States Department of Housing and Urban Development (HUD) in 2021.