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Walker & Dunlop Structures HUD Financing for Wisconsin Assisted Living
Walker & Dunlop structured $9,089,800 in financing for the acquisition of Tender Hearts Assisted Living, a 50-unit facility in Green Bay, WI that was built in 2009 and renovated in 2019. The firm’s Kevin Giusti led the origination team on behalf of Senior Opportunity Funds Holding Company (SOF), a Southeast-focused operator new to the Wisconsin market.
Leveraging their knowledge of the HUD lending platform, the Walker & Dunlop team utilized HUD’s LEAN 232/233(f) refinance program, which provides long-term and reduced-rate financing for specialty healthcare facilities. In addition to achieving financing cost savings, Walker & Dunlop was able to obtain a $9,089,800 HUD loan for the $10,100,000 acquisition, representing a 90% loan-to-cost ratio.
Giusti said, “HUD acquisition deals are rare, but HUD’s LEAN program stepped up to provide attractive acquisition financing while many lenders were out of the market or drastically changed their lending parameters due to COVID-19.”
- ◦Acquisition
