Not resting on its laurels following the recent $1.27 billion Freddie Mac financing it closed, Walker & Dunlop announced another financing, this time structuring a $68.2 million construction loan for a 318-unit senior living community to be built in Palm Beach County, Florida. The loan featured a floating rate of about 300 basis points over LIBOR and covered about 70% of the over-$100 million (about $314,500 per unit) development. Ventas will provide equity capital and will be the principal owner of the community in partnership with the developer, Big Rock Partners. Designed by Gensler and to be constructed by Moss & Associates, the 425,000-square foot community will feature 186 independent living units, 78 assisted living units and a separate 54-unit memory care building. Atria Senior Living will operate and market the community, which will feature rents starting at $5,000 a month for independent living and going up to $7,000 a month for memory care. The opening is scheduled for the summer of 2017.
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