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Walker & Dunlop has structured an $82M loan for Paradise Village in National City.
The transaction for the Class-A independent living, assisted living and memory care community represents Fannie Mae’s first Green Rewards loan backed by a senior housing property.
Walker & Dunlop Managing Director Jeff Ringwald and Senior Vice President Bill Jackson led the team from the company's Dallas office, which structured the 10-year loan. The loan provides a two-year period of interest-only payments and a 30-year amortization schedule for property owner Generations Senior Living. The financing replaced a previous construction loan and provided cash to enable the financing of an adjacent, newly developed memory care facility when stabilized.
“It was a pleasure working with Chip Gabriel and the Generations team on the first Green Rewards financing for a seniors housing property," Ringwald said in a statement. "We worked closely with the Fannie Mae team to leverage the Green Rewards program and deliver exceptional terms, which included the desired loan proceeds and a very low rate for the Sponsor.”
Built in 2009, Paradise Village consists of seven four-story buildings and 394 units. Community amenities include a pool, a clubhouse, a performance stage, meeting and banquet rooms, a library, a hobby shop, an art studio and several shops and services.
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