AZ Senior Community Receives $17M Freddie Mac Refi
- Apr 19, 2018
Walker & Dunlop Inc. has provided $17 million in financing for American Orchards, a memory care and assisted living community in the Phoenix area. The 10-year, non-recourse Freddie Mac loan includes two years of interest-only payments, enabling owner American Care Concepts to pay off existing bank debt and cash out equity for future projects.
The property is located at 765 N. Lindsay Road, in Gilbert, Ariz., next to the Freestone Park. Dowtown Phoenix is a 26-minute drive away, while the 3,648-acre Usery Mountain Regional Park is within a 16-mile drive of the site.
American Orchards, comprising The Sapwood Building with 38 assisted living units and The Heartwood Building with 35 memory care suites, was completed in 2016. The community offers:
- 24-hour on-site nurse
- large windows and skylights
- indoor and outdoor dining
- wellness program
Senior Vice Presidents Kevin Giusti and Bill Jackson, along with Managing Director Jeff Ringwald led Walker & Dunlop’s loan structuring team.
“By securing long-term, fixed rate debt through Freddie Mac, we saw an opportunity to better position ourselves in the current market and for future growth opportunities,” said Casey Balmforth, COO & managing director of American Care Concepts, in prepared remarks.
Image courtesy of Walker & Dunlop