Walker & Dunlop Provides $10 Million Construction Loan for Senior Living Facility in Sonoma County
BETHESDA, MD–Walker & Dunlop, Inc. structured a $10,020,000 construction loan through the United States Department of Housing and Urban Development (HUD) for a 51-unit assisted living community that will be located on the Pacific Coast in Cloverdale, California.
Walker & Dunlop’s team, led by Kevin Giusti, closed the loan through HUD’s Section 232 loan program, which provides financing for nursing homes, assisted living facilities, memory care, independent living, and board and care facilities. The program provides the borrower with a non-recourse, fixed interest rate mortgage throughout the construction period and 40-year permanent term of the mortgage.
Giusti commented, “This is an excellent opportunity to provide senior living in an area of increasing demand and limited supply. Vine Ridge will be the newest senior living facility delivered to the area in a decade, and projections indicate an influx of senior residents will continue throughout the next few years.”
Situated along the Russian River and nestled in Sonoma County’s rolling hills, the city of Cloverdale offers galleries, restaurants, tasting rooms, and seasonal street fairs in addition to outdoor activities such as canoeing, kayaking, hiking trails, bicycle tours, and wine tours.
The community will consist of a 42,000-square-foot, two-story building on a 2.5-acre site. Common amenities will include a reception lobby, great hall, activity room with organized activities, lounge areas, a spa, and a laundry room. The community will also feature a large dining room, private dining room, espresso and beverage bar.
In 2017, Walker & Dunlop closed over $1.4 billion in HUD origination volume, a 54 percent increase over 2016, and ranked as the 4th largest HUD lender and the largest HUD servicer in the country.