Walker & Dunlop, Inc. has originated more than $68 million in HUD 232/223(f) loans to refinance seven skilled nursing facilities in Illinois and Wisconsin.
Walker & Dunlop’s FHA Finance arranged the refinancings, led by Joshua Rosen, Brad Annis, and Johnny Rice. Utilizing the HUD-insured 232/223(f) financing program, with its long-term, fixed-rate, and non-recourse structure, allowed the clients to replace existing short-term, variable-rate debt and secure greater stability and predictability for their portfolio.
“With the senior population continuing to grow and new supply remaining constrained, demand for high-quality skilled nursing facilities is stronger than ever,” said Rosen, senior managing director of FHA Finance at Walker & Dunlop. “We’re proud to help our client secure long-term, fixed-rate HUD financing on seven properties totaling 380 units, reflecting both the strength of the market and our team’s expertise in complex healthcare real estate transactions.”
The strength of the Seniors Housing and Skilled Nursing segment is supported by accelerating demand from an aging population and a constrained construction pipeline that has kept new supply muted since 2021. With the 80+ population set to grow rapidly through 2030, well-operated communities are positioned for continued rent growth, especially in supply-limited markets. Walker & Dunlop anticipates that within the next year, this segment will experience:
- Rent growth in supply-constrained markets as demand outpaces new deliveries
- Stable pricing with modest cap rate compression for core assets
- Improved financing from GSE and HUD programs supporting acquisitions and refinancings
- Limited new development as costs and underwriting keep starts subdued through 2026
