BETHESDA, MD – – Walker & Dunlop, Inc. announced that the financing of two senior residential properties has been structured. The loans made available $45,000,000 to EWS Real Estate Investment Company for Palo Alto Commons, a property with 181 residential units in Palo Alto, California, and $ 41,000,000 to the MW group for the Plaza at Moanalua, a community with 160 beds in Honolulu, Hawaii. Both accommodations offer assisted living, independent living, and memory maintenance.
Russell Dey led the Walker & Dunlop team in structuring the financing for the MW Group as well as Mr. Dey and Senior Managing Director Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and had attractive fixed rates and an interest component.
Mr Dey commented, "While the past nine months have been extremely challenging for the entire senior housing sector, we have been fortunate to work on real estate with clients who have done an excellent job addressing the many COVID-related challenges." "He added : "We are thrilled that, thanks to our strong partnership with Freddie Mac, we were able to close these deals despite the ongoing volatility in the broader market."
Palo Alto Commons was built in 1989 and 2010 and is a three-story complex with two buildings and a mix of studio, one and two-bedroom units. Property amenities include a salon, swimming pool, and clubhouse, and each property has individual balconies or patios. The neighborhood is desirable for residents as the property is close to a large shopping mall, hospital, several restaurants, grocery stores, and pharmacies.
Plaza at Moanalua is a Class A senior living community built in 2011. Residents benefit from cleaning services, exercise classes, restaurant-style meals, transportation, living rooms and outdoor seating areas, a gym and physiotherapy room, and access to a care team 24 hours a day.