Valstone Properties brought in Walker & Dunlop to refinance their portfolio of 12 memory care properties located throughout New Jersey and also provide funding for the acquisition/refinancing of two additional communities. Working with HUD, Kevin Giusti and Michael Vaughn of W&D arranged a 35-year $28.38 million loan with an 80% loan-to-value. The financing reimbursed Valstone for their original acquisition costs, capital expenditures and various renovations. It also involves the largest number of individual properties, which total 215 units, to be included as one loan under HUD’s scattered site policy since the HUD 232 program’s inception, which allowed for significant savings and for the stronger performing properties to balance out the communities still in lease-up.