Commercial real estate finance firm Walker & Dunlop closed over $250,000 in financing for age-restricted properties last year.
The most recent transaction was a $30 million closing for two Class A properties in Appleton and Green Bay, Wis.
Ridgeview Highlands and Parkway Highlands are designed for and marketed towards seniors who are at least 55 years old as high-quality rental housing units. Both units were built under the WHEDA Section 42 rental tax credit program and remain subject to Land Use Restriction Agreements with varying maturities.
Bethesda, Md.-based Walker & Dunlop structured the long-term fixed-rate financing, which was provided by The Lincoln National Life Insurance Co., with a 20-year term and 20-year amortization period.
Earlier last year, the firm also provided a $33 million refinance loan for Landmark Naples. This is also a senior housing community located in Naples, Fla.
This loan was structured with a 10-year fixed-rate term with two years interest only and a 30-year amortization under Fannie Mae’s early rate lock program.
