Grandbridge Finances $27.8M Senior Living Development
By Gabriel Circiog, Associate Editor
Charlotte, N.C.-based Grandbridge Real Estate Capital L.L.C., a subsidiary of Branch Banking and Trust Co., recently announced it has closed a $27.8 million first mortgage construction/permanent loan secured by The Waters on Mayowood.
Situated near the Mayo Clinic and adjacent to the Apache Mall, The Waters on Mayowood, a senior living community, is anticipated to open in late 2014 in Rochester, Minn.
Originated by Minneapolis-based Tony Carlson, the development loan was funded through one of Grandbridge’s banking relationships and featured a construction term loan, an interest-only component and a permanent term loan, and closed with a very low interest rate.
The 175-unit community is being developed by a local Rochester developer and will be operated and managed by The Waters Senior Living, an owner and operator of senior living communities in the Twin Cities. The community will include various living options, including independent living, senior living, memory and Alzheimer’s care, and enhanced care. The 276,000-square-foot facility will include a four-story assisted living wing with 70 units and six enhanced-care suites, a four-story independent living wing with 71 units and a two-story memory care wing with 28 units.
Property amenities will include a state-of-the-art well-being center, day spa, dining room, library, creative arts studio, club room with golf simulator and spiritual center. The one- and two-bedroom apartment homes will include full kitchens.
Granbridge Real Estate Capital L.L.C. has a current servicing portfolio of close to $30 billion and represents approximately 100 capital providers.
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