AURORA, ILL. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured the financing with a nine-month term, full-term interest-only payments and flexible prepayment options. The borrower plans to replace the loan with HUD financing before the end of the year. Supportive living is an Illinois program to offer assisted living services while still allowing for government reimbursement.
AUSTIN, TEXAS — Multifamily finance firm Walker & Dunlop has announced the formation of a new investment sales team in Austin, which represents the company’s first office in the state capital. Managing directors Matt Pohl and Forrest Bass and vice president Spencer Roy, all of whom previously worked at HFF prior to its acquisition by JLL, will lead the team in the sourcing and execution of multifamily deals. The team will focus on Texas and markets in the Southeastern United States. The office is located at 501 Congress Ave and is open for business.
Affordable HousingContent PartnerDevelopmentFeaturesGeorgiaMixed-UseMultifamilySoutheastSoutheast Feature ArchiveWalker & Dunlop
Egbert Perry and Affordable Housing: How One Man’s Vision Launched a National Movement
When picturing the rebirth of downtown Atlanta, one of the first images to come to mind is the skyline — the iconic high-rises. Another, often overlooked, part of this picture includes Atlanta’s skywalks. In the early days of redevelopment, these walkways connected luxury buildings above urban neighborhoods that many had abandoned, and effectively furthered the separation of the “haves” from the “have-nots.” Iconic Atlanta developer Egbert Perry was driven to challenge development that emphasized the separation. From his perspective, perpetuating the separation of community members simply perpetuated the issues of inequity and injustice that plagued the city. Perry was motivated to bring people together in a different way, in neighborhoods that would appeal to everyone. Where others saw poverty, blight, and dilapidated housing projects, Perry saw potential — and pioneered a new approach to affordable and workforce housing, commercial real estate development, and community development and investment. The Story Begins at Centennial Place In 1994, when Perry left H.J. Russell & Company to start The Integral Group, he quickly came upon an opportunity to redevelop the area now home to Centennial Place. The 60-acre property was located in the heart of downtown Atlanta, and was considered to be the most …
GRANDVILLE, MICH. — Walker & Dunlop Inc. has arranged a $48.3 million bridge loan for the refinancing of The Grand Castle Apartments, a newly developed apartment property in Grandville, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., the exterior of the property is modeled after the famed Neuschwantstein Castle in southern Germany. It comprises 522 units. Amenities include a pool, fitness center, business center, resident lounge and dog park. Benjy Krosin of Walker & Dunlop arranged the 24-month, floating-rate loan. Kari Zapolski of Inner Circle Holdings originated the loan, which will enable the borrower to pay off the existing construction debt and complete lease-up.
BETHESDA, MD. — Bethesda-based Walker & Dunlop has provided a $225.1 million Fannie Mae acquisition loan for a five-property multifamily portfolio on behalf of Capital Square 1031. Walker & Dunlop provided a $66 million loan for 2000 West Creek in Richmond, a $29.7 million loan for Hickory Creek Apartments in Richmond, a $31.6 million loan for Saltmeadow Bay Apartments in Virginia Beach, a $52.5 million loan for Misty Ridge Apartments in Woodbridge and a $45.3 million loan for Bellemeade Farms Apartments in Leesburg. Four of the five properties are fully stabilized, with the exception of 2000 West Creek, which was built in 2018 and is in the final stages of lease-up. Bristol Development Group sold 2000 West Creek. The sellers of the other properties were not disclosed. Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds.
BREWSTER, MASS. — Walker & Dunlop has provided a $28.3 million bridge loan for the acquisition of Pleasant Bay, a 25-acre seniors housing campus in the Cape Cod town of Brewster. The campus comprises The Woodlands at Pleasant Bay, a 59-unit assisted living community, as well as the 134-bed Pleasant Bay Nursing and Rehabilitation Center. Point Group Care operates the community. The specific borrower was not disclosed. The financing will cover approximately 90 percent of the acquisition costs, and the borrower plans to conduct renovations at the property. Featuring flexible prepayment options, the two-year loan includes interest-only payments for the entire life of the loan.. Joshua Rosen structured the debt using Walker & Dunlop’s bridge lending program, which utilizes the company’s own balance sheet to offer short-term, nonrecourse loans for properties that are being acquired or repositioned as part of a new business strategy.
MARY ESTHER, FLA. — Walker & Dunlop has provided a $35.4 million Department of Housing and Urban Development (HUD) loan for the construction of Renaissance Santa Rosa in Mary Esther, located on the Florida Panhandle. The borrowers and developers of Renaissance Santa Rosa, Rea Ventures Group LLC and Radiant Partners, will transform a former department store site connected to Santa Rosa Mall into a four-building, 229-unit multifamily community. The property will offer one-, two- and three-bedroom floor plans. Community amenities will include a two-story clubhouse, swimming pool, business center, game room, exercise facility, picnic areas, playground and a dog park. Frank Baldasare, Heather Olson, Al Rex and Marty McGrogan of Walker & Dunlop originated the 40-year loan on behalf of the borrowers.
LEWES, DEL. — Walker & Dunlop has arranged an $18 million construction loan for a multifamily development in Lewes, located approximately 40 miles southeast of Dover. An undisclosed regional bank provided the loan. The property consists of seven separate buildings, two of which are condominiums with ground-floor retail, three of which are fully leased apartment buildings and two of which are single-family homes. Two additional multifamily buildings offering one- and two-bedroom units are currently under construction and slated for completion in 2020. Jon Kushner and Ben Retter of Walker & Dunlop arranged the loan on behalf of the borrower, Fernmoor Homes.
NEWARK, N.J. — Walker & Dunlop has arranged a $14 million loan for the acquisition and redevelopment of a 191-room Holiday Inn in Newark. The property is situated across the street from Newark Liberty International Airport, and amenities include a fitness center, self-laundry and cocktail lounge. The borrower, a hotel investor, plans to extensively renovate and reposition the property over the next few years. A regional bridge lender provided the non-recourse, fixed-rate bridge loan at 77.5 percent loan to cost. Jeff Baik of Walker & Dunlop arranged the loan, the term of which was undisclosed.
AURORA, ILL. — Walker & Dunlop Inc. has provided $12.8 million in bridge financing for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, approximately 40 miles west of downtown Chicago. The debt was structured and provided by Walker & Dunlop’s bridge lending program, which utilizes its balance sheet to offer short-term, nonrecourse loans for properties that are being repositioned as part of a new business strategy. Led by Joshua Rosen, the Walker & Dunlop team structured the financing to cover 100 percent of the acquisition cost in addition to working capital and capital expenditures for the owner, Cascade Capital Group. The loan includes a nine-month term, flexible prepayment options and full-term, interest-only payments. The plan is to replace the loan with HUD financing in early 2020.