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 3rd 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.
1HUD.gov Multifamily Lending – FY 2019, MAP Initial Endorsement
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