Walker & Dunlop announces $9.9 million loan
Walker & Dunlop said a $9.9 million loan for the refinance of Vista Healthcare Center in California has closed. The center has 187 skilled nursing beds.
The transaction was processed through the HUD's LEAN program. The borrower, LifeHOUSE Health Services, will be able to pay off existing intra-company debt and take advantage of a long-term sub 4% rate. The loan is “somewhat unique,” the firm said, as it carries a one-year lockout period with four years of lower than standard prepayment penalties.