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Walker & Dunlop Secures $25M for MI Senior Housing
Walker & Dunlop has arranged $25.9M in permanent financing for Rivertown Ridge, a senior housing community located in the Grand Rapids, Michigan, metro area.
Walker & Dunlop Managing Directors Mary Stuart Hurst and Russell Dey partnered with Inner Circle Holdings to structure the 10-year, fixed-rate Fannie Mae loan with three years of interest-only payments to Redstone Group Management Inc.
Rivertown Ridge is a 152-unit, class A senior housing community built in 2019 as part of a larger, 120-acre master-planned community. The community includes dedicated units for independent living, assisted living, and memory care.
“We pulled together a team of agency and senior housing experts to collaborate on this unique transaction, which was a testament to the breadth of Walker & Dunlop’s financing platform,” said Mary Stuart Hurst, Managing Director of Multifamily Finance at W&D. “We are thrilled that we could be a part of Redstone Group’s commitment to providing quality care and housing in Grand Rapids and the surrounding region.”
