Source: Walker & Dunlop / #Multifamily #Finance
BETHESDA, MD - Walker & Dunlop, Inc. announced that it completed the final financing in a $381,836,900 portfolio of loans delivered to the U.S. Department of Housing and Urban Development ("HUD") over the past year for the refinance of 51 skilled nursing facilities located in Indiana, Ohio, Pennsylvania, Michigan, Minnesota, West Virginia and Wisconsin operated by Extendicare Health Services Inc.
This portfolio of healthcare loans is one of the largest ever financed by HUD. "There were several key aspects to the success of this portfolio that included coordinating the timely release of the collateral from the existing CMBS facility and finalizing the Master Lease and Accounts Receivable documentation," commented Walker & Dunlop Senior Vice President and Head of the FHA Healthcare Group, Michael Vaughn. "Together with HUD, Walker & Dunlop was able to identify solutions that were complementary to Extendicare's existing financial structure and also met HUD's program requirements."
Extendicare Health Services Inc., Senior Vice President & Chief Financial Officer, Douglas J. Harris, commented, "Walker & Dunlop truly lead the whole refinancing initiative for this portfolio and we greatly appreciate all of the Walker & Dunlop team's support. This refinancing project was a great success for our company and our shareholders, as it allowed us to lock in long term financing of the portfolio at very low fixed rates. There was a monumental amount of work required by all of the parties involved, and throughout the process, we received nothing less than total professionalism and a concerted effort by the teams at Walker & Dunlop and HUD."