Walker & Dunlop, Inc. recently closed a $1.27 billion refinancing for Holiday Retirement, the second largest operator of senior housing in the United States, managing over 300 properties throughout the country.
The transaction is the largest that Walker & Dunlop has closed in its history and is almost double the size of the company’s second largest financing, a $670 million deal that closed earlier in 2015.
That deal was secured by a 52-property portfolio owned by New Senior Investment Group. The portfolio included memory care, independent living and assisted living facilities, located in 19 states.
The-then record breaker was part of a $2.8 billion year at the company as financing for senior housing facilities grew exponentially.
The latest Holiday Retirement loan is a seven-year, Freddie Mac, adjustable rate loan are secured by a 78-property portfolio of independent living facilities located in 30 states across the country.
Vice presidents Russell Dey and Laura Beaton led the Walker & Dunlop team that structured and closed the transaction in 47 days.
Willy Walker, chairman and CEO of Walker & Dunlop, commented, “Closing a transaction of this size in such a short time period required exceptional teamwork by Walker & Dunlop, Holiday Retirement, and FreddieMac.
“This portfolio is by far the largest financing Walker & Dunlop has ever completed, yet our team provided the same certainty of execution and processing speed as we do on much smaller transactions.
“This is the second ‘mega’ financing Walker & Dunlop completed in 2015, and it is a testament to the brand and expertise that we have built at W&D that we have been given these types of financing opportunities. In 2015, we completed $2.8 billion of senior housing financing, and we are focused on continuing to expand our presence within this growing market.”