GILBERT, Atiz. — Walker & Dunlop Inc. has provided $17 million in Freddie Mac financing for American Orchards, an assisted living and memory care community in the Phoenix suburb of Gilbert.
Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites.
The 10-year, non-recourse, fixed-rate financing features two years of interest-only payments. The transaction will allow the borrower — American Care Concepts — to pay off existing bank debt while cashing out equity for future projects.
Walker & Dunlop's team included Kevin Giusti, Jeff Ringwald and Bill Jackson.