NEW YORK CITY—New Senior Investment Group, the seniors housing REIT spun off last October from Newcastle Investment Corp., has closed on its latest acquisition, a private-pay independent living portfolio from affiliates of Holiday Retirement. Walker & Dunlop said Wednesday afternoon it had closed on $464.7 million worth of financing for the 28-property portfolio, its second big financing on the REIT's behalf.

SNR announced in late June that it would pay $640 million to acquire the 3,298-unit Holiday portfolio, which is located across 21 states and concentrated in California, Florida, North Carolina and Oregon. It also adds five states to SNR's footprint: Arizona, South Dakota, South Carolina, Hawaii and Indiana.

In late June, CEO Susan Givens said the deal would increase the company's NOI from private-pay seniors housing to 91% of the total. When the deal closed earlier this week, that percentage had been boosted slightly to 92%.

Holiday will continue managing the 28 properties, which had an average occupancy rate of 89.8% for July. “As the largest operator of independent living properties in the United States, Holiday has a strong track record of outstanding performance for our existing portfolio, and we are excited to grow our relationship with them,” says Givens. “In addition, the financing further improves our balance sheet by extending the average maturity of our total debt and increasing our fixed rate debt to approximately 60% of our total debt.”

W&D VPs Russell Dey and Laura Beaton led the team that closed the portfolio. The financing through Freddie Mac was structured as 10-year fixed rate CME loans with five years interest-only, followed by a 30-year amortization schedule.

“Walker & Dunlop established a strategy to grow our seniors housing lending business dramatically in 2015, and with this financing, we have done over $1.2 billion of seniors financing this year,” says Willy Walker, W&D's chairman and CEO. The team led by Dey and Beaton previously closed on a $670-million first mortgage loan to refinance 35 properties and acquire 17 more this past April.