Walker & Dunlop Closes $46M Refi for Four-Property Assisted Living Portfolio
Walker & Dunlop, Inc. has closed a $46-million refinancing of Terrace Portfolio, a group of four assisted living facilities located in VT and NH.
Frank Cassidy of Walker & Dunlop represented Terrace Communities in refinancing a bridge loan that Walker & Dunlop had arranged in December 2020 to facilitate a partner buyout and re-leverage the portfolio. The bridge loan was structured as eligible debt in anticipation of the HUD takeout.
The portfolio refinancing comprised the following assets:
- Wheelock Terrace, a 70-unit assisted living facility in Hanover, NH. The subject is an 11.45-acre site located near two hospitals within a 15-mile radius.
- Windham Terrace, a 71-unit assisted living facility in Windham, NH. The subject is a 7.397-acre site located near four acute-care hospitals within a 15-mile radius.
- Woodstock Terrace, a 42-unit assisted living facility in Woodstock, VT. The subject is a 1.878-acre parcel located near six hospitals within a 25-mile radius.
- Valley Terrace, a 61-unit assisted living facility in White River Junction, VT. The subject is an 8.677-acre site located near five hospitals within a 30-mile radius.
Commercial real estate finance and advisory services firms Walker & Dunlop completed more than 410 unique senior housing and healthcare transactions worth nearly $5 billion between 2019 and 2022.
Photo: Windham Terrace