Walker & Dunlop Brokered $65.7M in HUD loans for 7 Facilities; Benchmark Commercial Sold Louisville Skilled Nursing Facility for $9.85M

Walker & Dunlop, Inc., based in Bethesda, Maryland, announced on Tuesday that it successfully facilitated $65.7 million in HUD loans for seven skilled nursing facilities and memory care centers across Illinois and Wisconsin between October 2023 and February 2024.

The Midwest FHA Finance team at Walker & Dunlop, led by Joshua Rosen, Brad Annis, and Johnny Rice, facilitated these transactions by arranging construction loans and refinancings for five clients, with the U.S. Department of Housing and Urban Development (HUD) serving as the lender.

“We’re pleased to announce the closure of loans on seven properties totaling 376 units, reflecting our brokers’ dedication and proficiency in complex real estate transactions,” said Joshua Rosen, senior managing director of FHA Finance at Walker & Dunlop. “These closings underscore our unwavering commitment to excellence and drive in healthcare real estate, delivering value and expertise to clients and facilitating significant investments.”


Transaction details include the following:

1. Elevate Care Waukegan in Waukegan, Illinois, received a $21,249,700 232/223(f) HUD loan for refinancing existing debt and funding capital improvements.

2. Asbury of Kankakee in Kankakee, Illinois, secured a $12,633,100 241(a)-NC addition HUD loan for property repairs and a 56-unit addition.


3. Allure of Galesburg in Galesburg, Illinois, obtained a $10,880,000 232/223(f) HUD loan to replace commercial bank bridge financing.

4. Allure of Moline in Moline, Illinois, received an $8,400,000 232/223(f) HUD loan to replace commercial bank bridge financing.

5. Crossroads Care Center of Sun Prairie in Sun Prairie, Wisconsin, secured a $6,544,000 232/223(f) HUD loan to replace commercial bank bridge financing.

6. Aperion Care St. Elmo in St. Elmo, Illinois, obtained a $4,331,700 232/223(f) HUD loan for debt replacement and capital improvements.

7. Crossroads Care Center of Fond Du Lac in Fond Du Lac, Wisconsin, received a $1,692,500 232/223(f) HUD loan to replace commercial bank bridge financing for a two-asset portfolio acquisition.

Benchmark Commercial Real Estate Sells Louisville SNF for $9.85M

Benchmark Commercial Real Estate, in partnership with Exis Global, has finalized the sale of a 48-bed, 43,391-square-foot skilled nursing facility in Louisville.

The sale, valued at $9.85 million,or $227 per square foot, was well below the replacement cost for a new facility. The buyer, an owner-user, plans to occupy the building with a use compatible with its existing configuration.

Representing the seller, Flatirons Health Development, LLC, Jaimee Keene of Benchmark Commercial oversaw the transaction. The property, formerly leased to Flatirons Health and Rehabilitation, operated by Axiom Healthcare Services based in Wichita, Kansas, was announced for closure in January 2024, prompting the sale.

“We offered the property for sale at a very challenging time in 2023, in an environment of rising interest rates and challenging buyer sentiment,” said Jaimee Keene, vice president of Benchmark Commercial Real Estate. “We pivoted the marketing strategy and the offering to match the shifting market expectations, and ended up with multiple offers, eventually selecting a cash buyer at a sale price above our initial asking price.”

The facility sits 2.4 miles from the AdventHealth Avista Hospital and other major medical establishments.

Presbyterian Senior Living announces potential sale of Windy Hill Village

Presbyterian Senior Living (PSL) and Continuum Healthcare announced an agreement for the transfer of ownership of Windy Hill Village, located in Phillipsburg, PA.

After an extensive evaluation period and careful consideration by both parties, PSL and Continuum Healthcare have executed an Asset Purchase Agreement (APA) for Windy Hill Village, with closing expected in the summer of 2024.

“We have been proud to serve residents of the Phillipsburg and surrounding Centre County communities for the past twenty years. The sale of Windy Hill Village is part of our strategic plan to invest more resources into our Life Plan Communities that offer a continuum of care with a strong emphasis on Independent Living,” Dan Davis, President & CEO of PSL said in a press release.

PSL has owned and operated Windy Hill Village since 2003. The community has 90 skilled nursing beds, 18 personal care beds, and 5 independent living rental cottages.

Sale of 100-Bed Skilled Nursing Facility Facilitated by Ziegler

Ziegler, a specialty investment bank headquartered in Chicago, recently facilitated the sale of a skilled nursing facility with over 100 beds located in a northern neighborhood of Chicago.

Serving as the advisor to a non-profit Illinois-based seller, Ziegler facilitated the transaction, resulting in the facility being acquired by a local operator effective March 1, 2024.

Leading this transaction was Nick Glaisner, Managing Director in Ziegler’s Senior Housing and Care Practice, with support from Melanie Shaffer.