February 8, 2018
Walker & Dunlop, Inc. structured an $82 million loan for Paradise Village in National City, CA. The transaction for the Class A, independent living, assisted living, and memory care community represents Fannie Mae’s first Green Rewards loan backed by a seniors housing property.
The 10-year loan provided a two-year period of interest-only payments and a 30-year amortization schedule for the sponsor, Generations Senior Living. The financing replaced a previous construction loan, and provided cash-out to enable the financing of an adjacent, newly-developed memory care facility when stabilized.
Built in 2009 in San Diego’s South Bay, the property consists of seven four-story buildings and 394 units. The property was developed through a partnership between an affiliate entity of Generations Senior Living and a faith-based, non-profit hospital that has nearly 20 hospitals and 280 clinics under its management.
Walker & Dunlop’s Jeff Ringwald and Bill Jackson led the financing team.
For comments, questions or concerns, please contact Dennis Kaiser