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FORT MYERS, Fla. — Walker & Dunlop Inc. (NYSE: WD) has arranged an $11 million acquisition bridge loan for The MacFarlane Group, who will use the money to convert the currently Ambassador Hotel in Fort Myers into a 323-unit independent living facility.
The development plan for the property is fully approved. Daniel Lisser, New York-based senior vice president, led the Walker & Dunlop team that structured the one-year bridge loan, which includes full-term interest only payments.
ACRES Capital, a bridge lender that started its business just a few months ago, provided the financing after the original lender dropped out of the deal.