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Boston & New England  + New England  + Senior Housing  |  November 4, 2019
David Cohen
By: David Cohen

Walker & Dunlop Provides $28M Acquisition Loan for Cape Cod Seniors Housing Community

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.

For comments, questions or concerns, please contact David Cohen

Read More News Stories About: Walker & Dunlop
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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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