November 4, 2019
Walker & Dunlop has provided $28 million in acquisition financing for Pleasant Bay, a 25-acre seniors housing community on Cape Cod. The borrower was not disclosed.
Located in the Cape Cod town of Brewster, the campus is comprised of The Woodlands at Pleasant Bay, a 59-unit assisted-living property, as well as the 134-bed Pleasant Bay Nursing and Rehabilitation Center. The community is currently operated by Point Group Care.
The financing from Walker & Dunlop covers approximately 90% of acquisition costs. The borrower plans to renovate the property. Terms of the financing include a two-year loan with interest-only payments. Joshua Rosen of Walker & Dunlop structured the financing using the firm’s bridge lending program, which uses the company’s balance sheet to offer short term, nonrecourse loans for properties that are being acquired as part of a new business strategy.
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