Senior Housing Portfolio Lands $46M Refi
Walker & Dunlop provided the HUD financing.
Walker & Dunlop has provided Terrace Communities LLC with $46 million for the refinancing of four senior housing properties in New Hampshire and Vermont that make up the Terrace Portfolio.
The current HUD 232/223(f) note refinances a bridge loan that was formerly arranged in December 2020 by the Walker & Dunlop’s Senior Housing Finance team to re-leverage the portfolio and facilitate a partner buyout. The loan was structured as eligible debt in anticipation of the HUD takeout.
The Terrace Portfolio totals 244 units and comprises Wheelock Terrace, Woodstock Terrace, Valley Terrace and Windham Terrace. All four communities offer respite care, memory care and assisted living options.
The senior living facilities provide wellness programs, housekeeping, transportation and concierge services, as well as security monitoring, assistance with personal care, medication management, emergency response system and 24/h nurse staff. They also offer cultural, social and educational events and activities.
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Common-area amenities include living rooms with fireplaces, sunrooms, private dining rooms, libraries, movie theaters, sitting areas, porches, patios, walking paths and gazebos.
Walker & Dunlop Managing Director Frank Cassidy led the Senior Housing Finance team that provided the financing.
Four conveniently located senior communities
Windham Terrace is at 3 Church Road in Windham, N.H. The facility is close to the intersection of Interstate 93 and Route 111, which provide easy access to downtown Boston. The 71-unit community incorporates studios and one-bedroom apartments.
The Valley Terrace community is spread across 8.7 acres at 2820 Christian St. in White River Junction, Vt. The assisted living facility encompasses a total of 61 studios and one-bedroom floorplans. The property is situated near Interstate 91, having many dining options and retail centers nearby.
Located at 456 Woodstock Road in Woodstock, Vt., Woodstock Terrace comprises 42 assisted living and memory care units. Large green areas such as Billings Park are in the property’s proximity.
The 71-unit Wheelock Terrace is located in Hanover, N.H., at 32 Buck Road, close to several dining options and green areas. Dartmouth Hitchcock Medical Center is only 1.8 miles away.