BETHESDA, MD—Locally-based Walker & Dunlop has originated its largest senior housing loan to date – a $670 million first mortgage loan originated through Freddie Mac under its seller/servicer program. The loan was secured by a 52-property portfolio owned by New Senior Investment Group. Earlier this week GlobeSt.com reported that the deal, which was originally announced this past December, had closed. New Senior paid $435 million to acquire 17 private pay, independent living seniors housing properties from affiliates of Hawthorn Retirement Group.
The deal funded the refinancing of 35 assets plus the acquisition of 17 new properties. The portfolio included memory care, independent living and assisted living facilities, located in 19 states with the highest concentrations in Florida, North Carolina, New Hampshire and Utah.
This was New Senior's first portfolio acquisition since the REIT was spun off from Newcastle Investment Corp. Clearly, though, the transaction was significant for W&D as well; the company says it is its largest in its 77-year history.
Russell Dey, assistant vice president, and Laura Beaton, vice president, led the Walker & Dunlop team that closed the portfolio.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
