Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today it originated 28 loans totaling $464,680,000, secured by a portfolio of 28 independent living properties acquired by New Senior Investment Group, Inc. (the “Sponsor”).
Vice Presidents Russell Dey and Laura Beaton led the Walker & Dunlop team that closed the portfolio. The properties are located in 21 states with the highest concentration in California, Florida, North Carolina, and Oregon. The loans were structured as 10-year fixed rate CME loans with five years interest-only, followed by a 30 year amortization schedule, utilizing the Freddie Mac Seller/Servicer Program. The properties were sold to the Sponsor by affiliates of Holiday Retirement, the 2nd largest operator of seniors housing in the United States, who will continue to manage the properties post acquisition. The Walker & Dunlop team previously closed a 52-property portfolio for the Sponsor in April 2015.
Chairman and CEO of Walker & Dunlop, Willy Walker, commented, “Walker & Dunlop established a strategy to grow our seniors housing lending business dramatically in 2015, and with this financing, we have done over $1.2 billion of seniors financing this year. This is the second major financing we have done for New Senior this year, reflective of the great partnership we have created with one of the fastest growing seniors housing owners in the industry.”
New Senior Investment Group (NYSE: SNR) is one of the largest publicly-traded owners of senior housing properties, with a portfolio of 152 properties, including independent living and assisted living/memory care, located throughout the country.