Walker & Dunlop Arranges $52M Refinancing for Colorado Seniors Housing Portfolio
COLORADO SPRINGS AND CENTENNIAL, COLO. — Walker & Dunlop has structured $52 million in financing to refinance three seniors housing properties totaling 196 units in Colorado Springs and Centennial. The three properties are owned by a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East. MorningStar Senior Living manages the properties.
The financing includes:
• $21 million for MorningStar at Jordan, a three-story, 84-unit assisted-living and memory care facility in Centennial
• $17.7 million for MorningStar at Mountain Shadows, a two-story, 64-unit assisted-living and memory care property in Colorado Springs
• $13.2 million for MorningStar at Bear Creek, a 48-unit property specializing in Alzheimer’s patients
Stuart Wernick, Jeff Ringwald and Bill Jackson of Walker & Dunlop arranged the loans, which featured a 10-year term, fixed interest rate and interest-only payments for a portion of the term.