Walker & Dunlop Completes Final Financing of $381.8 Million Portfolio of 51 Skilled Nursing Homes
BETHESDA, Md., Oct. 17, 2012 /PRNewswire/ -- Walker & Dunlop, Inc. (WD) (the "Company") announced today that it completed the final financing in a $381,836,900 portfolio of loans delivered to the U.S. Department of Housing and Urban Development ("HUD") over the past year for the refinance of 51 skilled nursing facilities located in Indiana, Ohio, Pennsylvania, Michigan, Minnesota, West Virginia and Wisconsin operated by Extendicare Health Services Inc.
This portfolio of healthcare loans is one of the largest ever financed by HUD. "There were several key aspects to the success of this portfolio that included coordinating the timely release of the collateral from the existing CMBS facility and finalizing the Master Lease and Accounts Receivable documentation," commented Walker & Dunlop Senior Vice President and Head of the FHA Healthcare Group, Michael Vaughn. "Together with HUD, Walker & Dunlop was able to identify solutions that were complementary to Extendicare's existing financial structure and also met HUD's program requirements."
Extendicare Health Services Inc., Senior Vice President & Chief Financial Officer, Douglas J. Harris, commented, "Walker & Dunlop truly lead the whole refinancing initiative for this portfolio and we greatly appreciate all of the Walker & Dunlop team's support. This refinancing project was a great success for our company and our shareholders, as it allowed us to lock in long term financing of the portfolio at very low fixed rates. There was a monumental amount of work required by all of the parties involved, and throughout the process, we received nothing less than total professionalism and a concerted effort by the teams at Walker & Dunlop and HUD."
Michael Vaughn can be reached at 301/202-3221 or email@example.com.
About Walker & Dunlop
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS®, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. Walker & Dunlop's proprietary Interim Loan Program provides financing for multifamily properties that do not currently qualify for permanent financing. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investments group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity.
SOURCE Walker & Dunlop, Inc.