Walker & Dunlop Provides Bridge Loan for $14 Million Senior Community Acquisition

Ken Buchanan, Walker & Dunlop

YORK, PA— Bethesda, MD-based Walker & Dunlop provided a $14.125 million bridge loan for Autumn House (East and West) , senior living communities in York, PA, featuring assisted living, independent living, and memory care. Walker & Dunlop structured the loan using its interim loan program to provide time for Persimmon Ventures, the borrower, to further stabilize operations and enhance value prior to conversion to a permanent US Housing & Urban Development (HUD) loan (Healthcare Section 232/223f Refinance). Ken Buchanan , director of FHA underwriting for Walker & Dunlop , led the team that structured the loan. “ Walker & Dunlop’s proprietary bridge loan program offers short-term non-recourse loans to borrowers seeking to acquire or reposition multifamily and healthcare properties that do not currently qualify for permanent financing,” Buchanan says. “The borrower brought in an experienced management team and identified key areas for improvement such as lower management fees, replaced the food service provider, and reduced overtime.” “ Ken Buchanan made a compelling pitch and showed a sincere interest in winning our business,” says Stephen Bellone , principal, Persimmon Ventures . “We chose Walker & Dunlop because they addressed our requests and presented a competitive proposal.  This was our first transaction with Walker & Dunlop , and in the end, they executed on what they committed to, and worked diligently through some unexpected obstacles towards a successful close.  We look forward to working with the Walker & Dunlop team on future transactions.” Autumn House (East and West) onsite services include laundry, activity programs and events, scheduled transportation to appointments, furnished or unfurnished rooms, physician/geriatrician, outpatient therapies, behavior health services, podiatrist, lab work, outside nursing services, and hospice.