Walker & Dunlop Provides $52 Million in Financing for Colorado Senior Housing Portfolio
BETHESDA, Md., April 16, 2019 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $52,035,000in financing for three Class A senior housing properties totaling 196 units in Colorado Springs and Centennial, Colorado. Each of the properties, MorningStar at Jordan, MorningStar at Mountain Shadows, and MorningStar at Bear Creek, is owned in a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East.
Walker & Dunlop played an important role in the transactions, utilizing its deep expertise in Fannie Mae financing to ensure the lending documents were consistent and compliant with Shari'ah law, which has implications on the payment and receipt of interest. This laid the foundation for a timely and efficient closing process of just 40 days. The Walker & Dunlop team was led by Managing Director, Stuart Wernick, alongside Jeff Ringwald and Bill Jackson, who specialize in senior housing properties. Each of the three assets was refinanced with a ten-year, fixed-rate loan that included interest-only for a portion of the term.
Mr. Wernick commented, "Working with our partners at Fannie Mae, we were able to tailor Fannie Mae's program to meet our client's unique needs. These complex transactions required diligence, attention to detail, and coordination among several Walker & Dunlop teams to facilitate a smooth process."
"As baby boomers continue to age, communities like MorningStar at Jordan, Mountain Shadows, and Bear Creek are becoming increasingly critical to offering housing and care to our most vulnerable citizens," added Mr. Ringwald. "These properties have a lot to offer for both residents and the surrounding community, and we are honored to have played a role."
Managed by MorningStar Senior Living, each of the three senior housing communities is well-located and outfitted with best-in-class community amenities such as beauty salons, theaters, chapels, wellness centers, activity/craft rooms, a computer center, and walking paths surrounding the property. Built in 2014, MorningStar at Jordan is a three-story, 84-unit assisted living and memory care facility located in Centennial, Colorado. The property is adjacent to Cherry Creek State Park, and just 16 miles from Denver's central business district. MorningStar at Mountain Shadows was built in 2013 and comprises one two-story building with 64 assisted living and memory care units. MorningStar at Bear Creek is a one-story property with 48 units and specializes exclusively in Alzheimer's patients. Mountain Shadows and Bear Creek are both located in scenic neighborhoods on the outskirts of Colorado Springs.
Walker & Dunlop is a leader in financing senior housing properties and closed nearly $800 million of seniors housing and healthcare transactions in 2018 alone. The firm is also ranked the 2nd largest Fannie Mae DUS® multifamily lender, 3rd largest HUD MAP lender, and 4th largest Freddie Mac OptigoSM multifamily lender for 2018. To learn more about Walker & Dunlop's ability to lend on seniors housing and healthcare properties, read our latest press releases:
- Walker & Dunlop Secures Construction Financing for Seniors Housing Property Near Grand Rapids, Michigan
- Affordable Senior Housing Property in Historic Chicago Neighborhood Receives $14 Million in Financing via Walker & Dunlop
About Walker & Dunlop
Walker & Dunlop (NYSE:WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.