BATON ROUGE, LA—Walker & Dunlop Inc. has arranged financing for one multifamily property located in Baton Rouge and five healthcare properties located in Baton Rouge, New Orleans and Springhill, LA.
Bethesda, MD-based senior vice president, Michael Vaughn and vice president, Kevin Giustiled the team that structured the refinance loans utilizing HUD’s 223(f) and 232-223(f) programs.
Although the firm did not respond to GlobeSt.com inquiries for further information by deadline, Vaughn notes that “Thanks to our team’s expertise with HUD products and knowledge of the healthcare industry and local market, we were able to refinance the existing HUD and conventional loans on the properties and structure fixed-rate long-term financing and reduce the borrower’s debt service significantly.”
Another key element that facilitated the financing, he says, was the “terrific turnaround that the new operator for the properties, Traditions Management, performed since taking over operations of the assets in November 2011.”
Vaughn says that “Our efforts to familiarize HUD with the properties and transactions to make them comfortable with providing the loans were strongly supported by the response time and depth of experience of the operator.”