WALKER & DUNLOP ARRANGES $3.66 MILLION LOAN FOR SKILLED NURSING FACILITY
CORSICANA, TEXAS — Walker & Dunlop has arranged a $3.66 million loan for the refinancing of Health Care & Rehabilitation of Corsicana, a 94-bed skilled nursing facility located in Corsicana. Built in 1973, the single-story structure totals 21,572 square feet. The loan, which was provided through the HUD 232/223(f) program, carries a 27-year term and amortization schedule, and an 85 percent loan-to-value ratio. The funds will be used by the borrower to make necessary capital improvements, fund the property's replacement reserve account and pay off the existing bridge loan. Steve Ervin of Walker & Dunlop originated the loan.