Press Release

Walker & Dunlop Secures Construction Financing for Senior Housing Property Near Grand Rapids, Michigan

Company Release - 1/15/2019 6:15 AM ET

BETHESDA, Md., Jan. 15, 2019 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it arranged construction financing for Traditions at Rivertown, a senior housing complex in Wyoming, Michigan. Walker & Dunlop worked with preferred correspondent firm Inner Circle Holdings to provide the $24,800,000 loan to Redstone Group Management, Inc.

Rendering of Traditions at Rivertown, a senior housing complex near Grand Rapids, Michigan

Walker & Dunlop Vice Presidents Benjamin Krosin, Jeff Schmidt, Tim Cotter, and Russell Dey partnered with Kari Zapolski of Inner Circle Holdings in Rockford, Michigan to structure the five-year construction loan with three years of interest only. The team leveraged its broad network of lender relationships to secure the best possible transaction terms with a regional bank.  

Mr. Krosin commented, "We pulled together a team of loan brokerage and senior housing experts to collaborate on this transaction, a true testament to the breadth of Walker & Dunlop's financing expertise. It was an honor for our team to support Redstone Group's growing multifamily presence in Grand Rapids and the surrounding region."

"We are excited to build a high-end senior housing property that will address a significant need in the Grand Rapids market area," stated Gary Hensch, President of Redstone Group. "The Walker & Dunlop team and Inner Circle Holdings facilitated a smooth construction financing process that will allow us to successfully execute on our business strategy."

Located within a suburb of Grand Rapids, Michigan, Traditions at Rivertown is a 150-unit, class A property with dedicated units for independent living, assisted living, and memory care. The property is scheduled to be completed in November 2019 and will feature amenities such as a library, bar and entertainment space, theater, fitness center, underground parking, coffee bar/bistro, lounge, and activity areas.

To learn more about Walker & Dunlop's diverse array of financing options, visit our website.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 700+ professionals in 29 offices across the nation have an unyielding commitment to client satisfaction.

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SOURCE Walker & Dunlop, Inc.