May 27, 2020
Walker & Dunlop said Tuesday it had structured a total of $37 million in permanent financing for skilled nursing and supportive living properties in Illinois and Michigan. They include $14,895,100 in financing for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, IL; $14,960,000 for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Michigan; and $7,377,600 for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, IL.
Chicago-based senior managing director Joshua Rosen led the origination team, which utilized HUD’s LEAN 232/233(f) refinance program. The program provides long-term and reduced-rate financing for specialty healthcare facilities.
The financing for The Grove Fox Valley will replace the existing debt previously provided by Walker & Dunlop’s bridge lending program. The financing of WellBridge of Novi and Asbury of Kankakee allowed each of the property owners to refinance both their current bank and partnership debt.
Pictured: The Grove Fox Valley.
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