Walker & Dunlop Negotiates $29.8M Refinancing for CCRC in Boise

by Nellie Day

BOISE, IDAHO — Walker & Dunlop Inc. (NYSE: WD) has structured a $29.8 million refinancing for Garden Plaza of Valley View and Valley View Skilled Nursing Facility, which work together as a 300-unit continuing care retirement community in Boise.

The financing required two different lenders to fund two separate loans for one property with one existing mortgage. Fannie Mae financed the independent living and assisted living portion, and the HUD placed the debt for the skilled nursing facility. In addition, an equity recapitalization component was included in the Fannie Mae debt.

Michael Vaughn and Kevin Giusti, led Walker & Dunlop’s origination team and worked with BrightSpace Senior Living, the Tennessee-based borrower, to place the debt.

Walker & Dunlop structured a $9 million loan with a 35-year, fully amortizing term for Valley View Skilled Nursing Facility. The CCRC’s skilled nursing component was built in 1986 and consists of 24 private and 40 semi-private units.

The loan executed with Fannie Mae for Garden Plaza of Valley View was $20.8 million with a 10-year term, followed by a 30-year amortization schedule. This portion of the CCRC, containing 142 independent living and 51 assisted living units, was built adjacent to the existing skilled nursing facility in 1992.

Substantial renovations to the CCRC were completed in 2009, including common area upgrades, new roofing and the addition of a physical therapy building.

You may also like