Walker & Dunlop successfully structured an $82.077 million loan under Fannie Mae’s Green Rewards loan program, the first for a seniors housing property in the program’s history. Jeff Ringwald and Bill Jackson led the Walker & Dunlop team to structure a 10-year loan with two years of interest only and a 30-year amortization schedule to enable the repeat W&D borrower, Generations Senior Living, to refinance a previous construction loan and obtain cash-out for the financing of an adjacent newly developed memory care community when stabilized.
Also, by utilizing the Green Rewards program, the 394-unit community in National City, California (San Diego MSA) received a lower interest rate and also up to 5% in additional loan proceeds, along with free energy and water audit reports to finance green improvements. Looking to the future, Generations Senior Living is now installing a solar and battery pack system at the nine-year old community to improve energy efficiency and ultimately generate future savings.
