Walker & Dunlop closed a $46 million HUD refinance of Terrace Portfolio, a group of four affordable assisted living communities in Vermont and New Hampshire. Frank Cassidy led the Senior Housing Finance team in the transaction, which took out a bridge loan that the Walker & Dunlop team previously arranged in December 2020 to facilitate a partner buyout and re-leveraging of the portfolio. The bridge loan was structured as eligible debt in anticipation of the HUD takeout.
The portfolio includes Wheelock Terrace, a 70-unit assisted living community located within 15 miles of two hospitals in Hanover, New Hampshire, and Windham Terrace, a 71-unit assisted living community in Windham, New Hampshire that is located within 15 miles of four acute-care hospitals. Additionally, Woodstock Terrace, a 42-unit assisted living community in Woodstock, Vermont, and Valley Terrace, a 61-unit assisted living community in White River Junction, Vermont, were refinanced. Both facilities are located within 30 miles of five hospitals.
