Walker & Dunlop Provides $37M in HUD Financing for Three Facilities in Illinois, Michigan

AURORA AND KANKAKEE, Ill., and NOVI, Mich. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan.

Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill.

Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s Lean 232/223(f) refinance program. The permanent financing for The Grove Fox Valley will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.

The permanent financing for WellBridge of Novi and Asbury of Kankakee enabled each of the property owners to refinance both their current bank and partnership debt.