Walker and Dunlop back at it
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... Read More »
Reading the Holiday tea leaves
As most of you have read recently, Walker & Dunlop closed its largest loan ever (almost double the size of its $670 million financing that the company closed earlier in 2015) in the form of a $1.27 billion seven-year adjustable-rate Freddie Mac loan secured by 78 Holiday Retirement independent living properties. The financing, led by Russell Dey and Laura Beaton of W&D, comes out to approximately $144,400 per unit, which if you assume a 75% loan-to-value, is almost identical ($192,500 per unit) to the average price per unit Holiday properties have sold for in the last few years ($193,800 per unit, according to our records). Since 2013 Holiday has sold, in nine transactions, 231... Read More »Construct with HUD
With all the construction going on today in the seniors housing and care industry, how are these developers financing their projects? Once you get past the longer lines and list of regulations, HUD has a few attractive options. Walker & Dunlop is one lender that has worked with HUD a good amount recently to fund new construction and expansion projects for borrowers across the country. One such example is a $5 million construction/permanent loan through HUD’s 232 program for TDK Companies to build a 36-unit assisted living/memory care community on its existing 82-unit AL campus is Murfreesboro, Tennessee. Primarily a build-and-hold multifamily developer, TDK forayed into the seniors... Read More »Big Rock, Big Project
Big Rock Partners is at it again. Already developing a $75 million senior living project in Celebration, Florida and a $25 million project in Port Royal, South Carolina, the real estate investment management firm is set to begin construction of Atria at Villages of Windsor, a 318-unit senior living community in southern Palm Beach County. The 22.5-acre site, which Big Rock purchased for $10 million, happens to be the largest, and one of the last, entitled senior housing parcels in the county, where existing senior living communities were built on average 21 years ago. Designed by Gensler and to be constructed by Moss & Associates, the 425,000-square foot community will feature 186... Read More »Schedule a demo
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