CO Senior Housing Properties Receive $52M Refi
Walker & Dunlop secured the financing through Fannie Mae on behalf of the owner, a partnership between MorningStar Senior Living and a Middle East-based alternative investment fund manager.
Walker & Dunlop has arranged $52 million in refinancing for three Class A senior housing properties totaling 196 units in Colorado Springs and Centennial, Colo. The company secured the Fannie Mae loans on behalf of the owner, a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East. Each 10-year, fixed-rate mortgage includes an interest-only condition just for a portion of the term.
MorningStar at Jordan, an 84-unit assisted living and memory care facility located at 14301 E. Arapahoe Road in Centennial, Colo., received $21.1 million in financing. Constructed in 2014, the three-story property is situated 16 miles from Denver’s Central Business District and is adjacent to Cherry Creek State Park.
The Colorado Spring properties, MorningStar at Mountain Shadows and MorningStar at Bear Creek, received $17.7 and $13.3 million in financing and feature 64 and 48 units, respectively. The two-story Mountain Shadows, situated at 5355 Centennial Blvd., was built in 2013 and features assisted living and memory care units. Bear Creek is a one-story building located at 2450 Lower Gold Camp Road and specializes exclusively in Alzheimer’s patients. The properties are managed by MorningStar Senior Living.
“As baby boomers continue to age, communities like MorningStar at Jordan, Mountain Shadows and Bear Creek are becoming increasingly critical to offering housing and care to our most vulnerable citizens,” said Jeff Ringwald, managing director at Walker & Dunlop, in prepared remarks.
Walker & Dunlop’s team included Ringwald, Managing Director Stuart Wernick and Senior Vice President Bill Jackson. The company has also recently structured a $47 million loan for the acquisition of Westside Heights, a 282-unit community in Atlanta.