Walker & Dunlop's Illinois-Based Seniors Housing Team Structures $38 Million in Financing for Skilled Nursing Facilities

Rhea-AI Summary

Walker & Dunlop announced $38.4 million in financing for four skilled nursing properties in Illinois, enhancing their presence near Chicago. The properties financed include Aperion Care Plum Grove, Pavilion of Waukegan, Park View Rehab Center, and River View Rehab Center. Led by Joshua Rosen, the financing utilized HUD's LEAN 232/233(f) and 223(a)7 programs, offering long-term, low-rate loans. Despite COVID-19 challenges, the company secured favorable fixed rates and flexible loan terms, supporting the critical expansion of senior housing and nursing facilities.

Positive

• $38.4 million financing structured for four skilled nursing properties.
• Utilization of HUD financing programs ensures lower interest rates for clients.
• Successful transaction execution amid COVID-19 uncertainties.

Negative

• None.

BETHESDA, Md., Oct. 28, 2020 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $38,413,600 in financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine, Pavilion of Waukegan, a 112-bed facility in Waukegan, Park View Rehab Center, a 112-bed facility in Chicago, and River View Rehab Center, a 203-bed facility in Elgin.

Walker & Dunlop Senior Managing Director, Joshua Rosen, led the origination team, which has extensive experience with seniors housing and healthcare facilities across the country. Leveraging their knowledge of the U.S. Department of Housing and Urban Development's (HUD) financing products, Walker & Dunlop's team utilized the LEAN 232/233(f) program for the refinance of three properties and used the 223(a)7 program for the remaining property, Pavilion of Waukegan. The programs provide long-term and reduced-rate financing for specialty healthcare facilities.

Despite uncertainties caused by the COVID-19 pandemic, Walker & Dunlop worked to close each loan effectively and to ensure maximum flexibility for its clients. The team locked attractive fixed rates, a declining prepayment schedule, and each loan included terms ranging from 30 to 34 years.

Said Mr. Rosen, "I'm extremely pleased that Walker & Dunlop has the platform and capabilities to help each of our borrowers navigate seamlessly throughout the HUD closing process and capitalize on historically low interest rates." He continued, "Despite these challenging times, we continue to successfully execute on transactions. This allows our clients to expand or improve their senior housing and skilled nursing portfolios, which are critical to keeping vulnerable populations safe in the current environment."

Walker & Dunlop is the 3^rd largest HUD multifamily lender¹, and in 2019 alone, the firm originated over $453 million of seniors housing, skilled nursing, and healthcare transactions through various capital sources. For information about Walker & Dunlop's view on the housing market, including expert perspectives on markets, leadership, and the road ahead, visit our Driven by Insight information center.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 900+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.

¹ HUD.gov Multifamily Lending – FY 2019, MAP Initial Endorsement

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SOURCE Walker & Dunlop, Inc.

FAQ

What financing did Walker & Dunlop announce on October 28, 2020?

Walker & Dunlop announced $38.4 million in financing for four skilled nursing properties in Illinois.

Which properties were included in the financing deal by Walker & Dunlop?

The properties are Aperion Care Plum Grove, Pavilion of Waukegan, Park View Rehab Center, and River View Rehab Center.

What programs did Walker & Dunlop use for the financing?

The financing used HUD's LEAN 232/233(f) program for three properties and the 223(a)7 program for Pavilion of Waukegan.

Who led the financing origination team at Walker & Dunlop?

The origination team was led by Joshua Rosen, Senior Managing Director.

How does Walker & Dunlop's financing support senior housing?

The financing allows clients to expand or improve their senior housing and skilled nursing portfolios, crucial for vulnerable populations.