Walker & Dunlop has arranged $25.9M in permanent financing for Rivertown Ridge, a senior housing community located in the Grand Rapids, Michigan, metro area.

Walker & Dunlop Managing Directors Mary Stuart Hurst and Russell Dey partnered with Inner Circle Holdings to structure the 10-year, fixed-rate Fannie Mae loan with three years of interest-only payments to Redstone Group Management Inc.

Rivertown Ridge is a 152-unit, class A senior housing community built in 2019 as part of a larger, 120-acre master-planned community. The community includes dedicated units for independent living, assisted living, and memory care.

“We pulled together a team of agency and senior housing experts to collaborate on this unique transaction, which was a testament to the breadth of Walker & Dunlop’s financing platform,” said Mary Stuart Hurst, Managing Director of Multifamily Finance at W&D. “We are thrilled that we could be a part of Redstone Group’s commitment to providing quality care and housing in Grand Rapids and the surrounding region.”

RIPCO Real Estate has secured a $25.4 million bridge loan for New York-based developers Cape Advisors, Inc.

The loan will fund the acquisition and extensive repositioning of a 135-unit multifamily property located in College Park, near the University of Maryland. The loan was placed by Adam Hakim, Executive Managing Director, and James Murad, Managing Director, who lead RIPCO’s Capital Advisory team.

Cape Advisors plans to transform the existing student housing building into a high-quality multifamily project with modern finishes and enhanced amenities. The property is located at 4800 Berwyn House Road.

The bridge loan, provided by RMWC, a national commercial real estate lender, will support Cape Advisors’ plan to renovate the property, which will include a complete overhaul of individual units. The renovation will also introduce a mix of one- and two-bedroom units, with a focus on high-end furnishings for approximately half of the units.