Walker & Dunlop Provides $46M HUD Refinancing for Terrace Portfolio in New England

by Jeff Shaw

HANOVER, N.H.; WINDHAM, N.H.; WOODSTOCK, Vt.; and WHITE RIVER JUNCTION, Vt. — Walker & Dunlop has provided a $46 million HUD 232/223(f) refinancing for four Terrace-branded seniors housing communities in New England.

Walker & Dunlop’s Frank Cassidy led the team in refinancing a bridge loan that the Walker & Dunlop team previously arranged in December 2020 to facilitate a partner buyout and re-leverage the portfolio. The bridge loan was structured as eligible debt in anticipation of the HUD takeout.

The portfolio refinancing comprised:

  • Wheelock Terrace, a 70-unit assisted living facility in Hanover. The property sits on an 11.45-acre site located near two hospitals within a 15-mile radius.
  • Windham Terrace, a 71-unit assisted living facility in Windham. The property sits on a 7.4-acre site located near four acute-care hospitals within a 15-mile radius.
  • Woodstock Terrace, a 42-unit assisted living facility in Woodstock. The property sits on a 1.9-acre parcel located near six hospitals within a 25-mile radius.
  • Valley Terrace, a 61-unit assisted living facility in White River Junction. The sits on an 8.7-acre site located near five hospitals within a 30-mile radius.

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