Walker & Dunlop recently made a bit of history.
The lender in mid-October completed the final financing in a $381 million portfolio of loans delivered to the U.S. Department of Housing and Urban Development during the past year for the refinance of 51 skilled nursing facilities located in Indiana, Ohio, Pennsylvania, Michigan, Minnesota, West Virginia and Wisconsin operated by Extendicare Health Services Inc.
This portfolio of healthcare loans is one of the largest ever financed by HUD.
“There were several key aspects to the success of this portfolio that included coordinating the timely release of the collateral from the existing CMBS facility and finalizing the Master Lease and Accounts Receivable documentation,” said Walker & Dunlop senior vice president and head of the FHA Healthcare Group, Michael Vaughn. “Together with HUD, Walker & Dunlop was able to identify solutions that were complementary to Extendicare’s existing financial structure and also met HUD’s program requirements.”
