MURFREESBORO, Tenn. — Walker & Dunlop Inc. (NYSE: WD) has arranged a $5 million construction loan for Creekside Villas, a memory care facility in Murfreesboro.
The borrower, TDK Companies, is building Creekside Villas as the second phase of development for Creekside at Three Rivers, a 79-bed independent living, assisted living, memory care and respite care facility.
Creekside Villas will consist of three 12-unit buildings. Each of the 36 private studio units will have a private entrance.
David Strange and Keith Melton, both managing directors, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate construction and permanent loan placed through HUD. The loan amount represents 90 percent of the replacement cost of the property.