Walker & Dunlop closed a $1.27 billion refinancing for Holiday Retirement, the second largest operator of senior housing in the US, marking the largest financing in the lender’s history.
The seven-year, Freddie Mac adjustable rate loans are secured by a 78-property portfolio of independent living facilities located in 30 states across the country. The sponsor manages more than 300 properties throughout the country.
“This portfolio is by far the largest financing Walker & Dunlop has ever completed, yet our team provided the same certainty of execution and processing speed as we do on much smaller transactions,” said Willy Walker, chairman and CEO of Walker & Dunlop.
In 2015, Walker & Dunlop completed $2.8 billion of senior housing financing, but the Holiday Retirement deal is nearly double the size of the company’s second largest financing, a $670 million Freddie Mac financing secured by a 52-property portfolio owned by New Senior Investment Group and also structured as seven-year adjustable rate mortgages.
In August, the company originated 28 loans totaling $464.7 million, secured by a portfolio of 28 independent living properties also acquired by New Senior Investment Group. Those were 10-year, fixed rate Freddie Mac loans.
Vice Presidents Russell Dey and Laura Beaton led the Walker & Dunlop team that structured and closed the Holiday Retirement transaction in 47 days.