BETHESDA, MD - Walker & Dunlop, Inc. announced that it structured financing for two seniors housing properties. The loans provided $45,000,000 to EWS Real Estate Investment Company for Palo Alto Commons, a 181-unit property located in Palo Alto, California, and $41,000,000 to The MW Group for The Plaza at Moanalua, a 160-bed community located in Honolulu, Hawaii. Both properties offer assisted living, independent living, and memory care services.
Russell Dey led Walker & Dunlop's team in structuring the financing for MW Group, and Mr. Dey and Senior Managing Director Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured attractive fixed rates and an interest-only component.
Mr. Dey commented, "Although the past nine months have been extremely challenging for the seniors housing sector as a whole, we've been fortunate to work with clients on properties that have done a great job dealing with the many COVID-related challenges." He added, "We are thrilled that, thanks to our strong partnership with Freddie Mac, we were able to get these transactions closed despite the ongoing volatility in the broader market."
Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one-, and two-bedroom units. Amenities at the property include an on-site salon, swimming pool, and clubhouse, as well as individual balconies or patios within each unit. The surrounding neighborhood is desirable for residents, as the property is located near a major shopping center, hospital, and several restaurants, grocers, and pharmacies.
The Plaza at Moanalua is a Class A seniors housing community built in 2011. Residents benefit from housekeeping services, exercise classes, restaurant-style meals, transportation, living rooms and outdoor sitting areas, a fitness room and physical therapy room, and access to a nursing team 24 hours a day.