BETHESDA, Md.–(BUSINESS WIRE)—Walker & Dunlop, Inc. announced today that it originated $65,731,000 in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities and memory care centers across Illinois and Wisconsin between October 2023 and February 2024.
Walker & Dunlop’s Midwest FHA Finance team, led by Joshua Rosen, Brad Annis, and Johnny Rice, arranged the construction loan and refinancings on behalf of five clients, utilizing the U.S. Department of Housing and Urban Development (HUD) as the lender.
“We’re pleased to announce the closure of loans on seven properties totaling 376 units, reflecting our brokers’ dedication and proficiency in complex real estate transactions,” said Joshua Rosen, senior managing director of FHA Finance at Walker & Dunlop. “These closings underscore our unwavering commitment to excellence and drive in healthcare real estate, delivering value and expertise to clients and facilitating significant investments.”
See below for transaction details:
Elevate Care Waukegan
- Location: Waukegan, Illinois
- Amount: $21,249,700
- Walker & Dunlop arranged a 232/223(f) HUD loan to refinance existing commercial debt, partnership debt, and fund recent capital improvements for the 105-unit community. Elevate Care Waukegan is also located in a dedicated Opportunity Zone.
Asbury of Kankakee
- Location: Kankakee, Illinois
- Amount: $12,633,100
- Walker & Dunlop arranged a 241(a)- NC addition HUD loan, which finances repairs for properties with an existing HUD loan. Walker & Dunlop arranged the original HUD loan in 2020, with the new construction loan covering a 56-unit addition. Asbury of Kankakee is also located in a dedicated Opportunity Zone.
Allure of Galesburg
- Location: Galesburg, Illinois
- Amount: $10,880,000
- Walker & Dunlop arranged a 232/223(f) HUD loan that replaced its existing commercial bank bridge financing for the 47-unit, two-asset portfolio acquisition, marking the client’s first-time utilization of the HUD-insured program.
Allure of Moline
- Location: Moline, Illinois
- Amount: $8,400,000
- Walker & Dunlop arranged a 232/223(f) HUD loan that replaced its existing commercial bank bridge financing for the 60-unit, two-asset portfolio acquisition, marking the client’s first-time utilization of the HUD-insured program.
Crossroads Care Center of Sun Prairie
- Location: Sun Prairie, Wisconsin
- Amount: $6,544,000
- Walker & Dunlop arranged a 232/223(f) HUD loan that replaced commercial bank bridge financing for the 29-unit, two-asset portfolio acquisition. Crossroads Care Center of Sun Prairie is also located in a dedicated Opportunity Zone.
Aperion Care St. Elmo
- Location: St. Elmo, Illinois
- Amount: $4,331,700
- Walker & Dunlop arranged a 232/223(f) HUD loan that replaced commercial debt and funded capital improvements for the 29-unit community.
Crossroads Care Center of Fond Du Lac
- Location: Fond Du Lac, Wisconsin
- Amount: $1,692,500
- Walker & Dunlop arranged a 232/223(f) HUD loan that replaced commercial bank bridge financing for the 50-unit, two-asset portfolio acquisition.
Walker & Dunlop was recently ranked the #5 HUD lender based on both MAP (Multifamily Accelerated Processing) and LEAN volume for 2023 and the #2 HUD construction lender for 2023. In 2023 alone, the firm originated nearly $679 million of HUD transactions. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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