Walker & Dunlop’s $37M Skilled Nursing, Supportive Living Deal; Monticello’s $30M Portfolio

Walker & Dunlop announced a three-facility financing deal with a total price tag of $37 million, covering a pair of skilled nursing facilities and a supportive living property.

The Bethesda, Md.-based real estate finance company secured a $14.9 million refinance on The Grove Fox Valley, a 156-bed SNF in Aurora, Ill, and a $14.9 million refinance for WellBridge of Novi, a 100-bed nursing facility in Novi, Mich. — both through the Department of Housing and Urban Development’s (HUD) 232/233 program for health care facilities.

The facilities are located in the wider metropolitan areas of Chicago and Detroit, respectively.

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Walker & Dunlop also landed a $7.4 million loan for Asbury of Kankakee, a 98-bed supportive living property in Kankakee, Ill. that offers a nursing home alternative for people with disabilities and low-income seniors.

Joshua Rosen, senior managing director at the firm, led the origination team on the three deals.

“During these challenging times, Walker & Dunlop was able to help the borrowers navigate seamlessly throughout the HUD closing process,” Rosen said in a statement announcing the deal.

Monticello Bankrolls $30M Portfolio in South

MONTICELLOAM, LLC provided $30 million in first-lien debt financing to back the refinance of two skilled nursing facilities and the purchase of the third, all for an owner/operator with a portfolio of 8,752 licensed beds.

The properties, located in Kentucky and North Carolina, have a total of 312 beds. The New York City-based Monticello, a real estate and asset-based lending firm, financed a series of building acquisitions for the current owner over the course of 2018 and 2019.

KeyBank’s $26M Deal for Private Equity Investors

KeyBank Real Estate Capital recently announced the successful completion of two HUD-backed refinance loans for a pair of skilled nursing properties: a $18.6 million loan for the 78-bed Shenandoah Center in Charles Town, W. Va., and $7.5 million for the 110-bed Gettysburg Center in Gettysburg, Pa.

The Cleveland-based KeyBank initially funded the acquisition of the two facilities on behalf of their owner, a private equity firm.

Henry Alonso of KeyBank’s health care real estate group led the acquisition portion of the transaction, while John Randolph of KeyBank’s commercial mortgage group handled the permanent refinance.

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