Two senior housing portfolios located in Utah and California secured $77.1 million for the refinancing of ten skilled nursing properties encompassing 848 units.
The Cascades portfolio, with properties throughout Utah, encompasses seven properties totaling 693 units, while The Rollins-Nelson portfolio’s three properties in Englewood, Long Beach and Perris, Calif., total 155 units. Walker & Dunlop scored the financing on behalf of the borrowers.
Kevin Giusti, Brian Neal and Andrew Westling formed the Walker & Dunlop team that implemented a tailored capital solution for each portfolio. They used three different capital solutions for the Cascades portfolio, including HUD financing, a regional bank, as well as a finance company.
In the Rollins-Nelson portfolio’s case, Walker & Dunlop worked with the borrower to refinance an existing HUD loan and extend the term of the mortgage. Both transactions helped with debt service savings and cashback for renovating the facilities.
Although it’s been one of the most-affected niches at the beginning of the pandemic, senior housing is bouncing back quicker than initially predicted.
Always active many U.S. markets, Walker & Dunlop also recently secured a $55 million loan for 959 Sterling Plage, a 158-unit, partially affordable housing development in New York.