Singh Development Scores $53M Refi for Senior Community

1 min read

KeyBank secured the Fannie Mae loan for the 181-unit community in Raleigh, N.C.

Waltonwood Lake Boone
Waltonwood Lake Boone. Image courtesy of Singh Development

Singh Development has landed a $53.1 million Fannie Mae loan for the refinancing of Waltonwood Lake Boone, a Class A senior housing community in Raleigh, N.C. KeyBank Real Estate Capital arranged the 10-year, fixed rate note.

Back in 2019, KeyBank had provided a $40 million bridge loan for Waltonwood. Singh intends to use the new financing proceeds to recapitalize the asset, while the additional capital will go towards future growth. KeyBank Senior Healthcare Mortgage Banker Charlie Shoop arranged the current deal.

Waltonwood Lake Boone came online in 2018 and comprises a total of 181 independent living, assisted living and memory care units. The pet-friendly community features one- and two-bedroom floorplans ranging from 698 to 790 square feet. A movie theater, craft room, library and community lounge, as well as fitness and billiards rooms, are among the common-area amenities at Waltonwood. Provided services include 24-hour emergency maintenance, restaurant-style dining and courtesy transportation.

Located at 3550 Horton St., roughly 5 miles from downtown Raleigh, the property is just east of Interstate 440 and 1 mile from UNC Rex Hospital. The JC Raulston Arboretum is also nearby.

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