BETHESDA, Md., May 26, 2020 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $14,895,100 in financing for The Grove Fox Valley, a 156-bed skilled nursing facility located in Aurora, Illinois, $14,960,000 in financing for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Michigan, and $7,377,600 Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Illinois.
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 (HUD) lending platform, the Walker & Dunlop team utilized HUD's LEAN 232/233(f) refinance program, which provides long-term and reduced-rate financing for specialty healthcare facilities.
The permanent financing for The Grove Fox Valley will replace the existing debt previously provided by 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 permanent financing of WellBridge of Novi and Asbury of Kankakee allowed each of the property owners to refinance both their current bank and partnership debt.
Mr. Rosen commented, "During these challenging times, Walker & Dunlop was able to help the borrowers navigate seamlessly throughout the HUD closing process. These transactions are perfect examples of how Walker & Dunlop's unique scope of financing products benefit our clients, providing the right solutions at the right time."
Located 40 miles west of Downtown Chicago, Illinois, The Grove Fox Valley utilizes the latest rehabilitation techniques and is one of the most advanced facilities providing post-hospital care in the Fox River Valley. The property is conveniently located near many of the area's top hospitals and healthcare facilities and offers hotel-like amenities such as spacious private suites, housekeeping services, expansive family lounges, an on-site spa and salon, dining services, transportation options, and 24-hour medical assistance.
Built in 2014, WellBridge of Novi is a 90-unit, Class A+ facility located 30 miles northwest of downtown Detroit, Michigan. WellBridge is located one mile away from the local hospital and provides inpatient short-term skilled nursing and rehabilitation services. The facility currently holds a five-star rating from the Centers for Medicare and Medicaid Services and is a 2019 recipient of the American Health Care Association (AHCA) Silver Achievement of Quality Award.
Asbury of Kankakee is located approximately 60 miles south of Downtown Chicago, Illinois, and was developed under the State of Illinois Supportive Living Program, which serves as an alternative to nursing home care for low-income seniors and seniors with physical disabilities under Medicaid. Asbury provides campus-style amenities, recreational activities, partnerships with local hospitals, and hospice and home health care services for its residences in a cost-effective manner.
Walker & Dunlop ranked as the 3rd largest HUD lender in 2019 based on MAP initial endorsements, closing over $94 million of seniors housing and healthcare transactions. For information about Walker & Dunlop's view on the apartment market, including the impact of COVID-19 on commercial real estate owners, watch our recent webcasts at our Insights 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 850+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.
SOURCE Walker & Dunlop, Inc.