Walker & Dunlop LLC recently provided $13,227,200 in financing under the U.S. Department of Housing and Urban Development’s Section 232/223(a)(7) program for Aurora Supportive Living Facility, located in Aurora, and Rockford Supportive Living Facility, located in Rockford.
The permanent refinance loans were both structured with a 40-year fully amortizing mortgage. The loan for Aurora Supportive Living Facility was underwritten with a 2.58x debt-service coverage ratio and the loan for the facility in Rockford was underwritten with a 2.46x debt-service-coverage ratio. Walker & Dunlop structured these refinance loans to allow the borrowers to lock in a low fixed rate and obtain HUD approval for changes in the mortgagor entity and management agent.
Both of the properties are qualified as affordable assisted living facilities under Illinois’ Supportive Living Program. Aurora Supportive Living Facility was built in 2006 and Rockford Supportive Living Facility was built in 2005. Each facility offers 149 units.
Walker & Dunlop Vice President Carolyn McMullen led the Walker & Dunlop team.