Grandbridge Closes on Three Financial Deals for Senior Housing
- Apr 04, 2016
Charlotte, N.C.—Grandbridge Real Estate Capital has closed on a string of seniors housing-associated finance deals recently. The company’s senior housing and healthcare finance team’s Senior Vice President Richard Thomas and Vice President Meredith Davis worked on the transactions, which totaled roughly $52 million.
One transaction was for a $19.4 million first mortgage for Aegis of Issaquah. The property is a 99-unit assisted living, memory care and short-term rehabilitation community in the Seattle suburb of Issaquah. Freddie Mac’s Capital Markets Execution (CME) Multifamily loan product provided the capital.
The seniors housing and healthcare finance team also closed a $30.2 million permanent, floating rate loan for Brightview North Andover, a 133-unit independent and assisted living facility with a memory care component located in North Andover, Mass. Funding for the refinance was arranged through Fannie Mae’s DUS SARM (Structured Adjustable Rate Mortgage) loan product.
Finally, the team also did a $2.27 million supplemental loan secured by Highgate Senior Living – Vancouver in Vancouver, Wash. Highgate Senior Living – Vancouver offers 58 units of independent and assisted living as well as memory care. Funding for the permanent, fixed rate loan was arranged through Fannie Mae’s DUS loan program.
Headquartered in Charlotte, Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans, among other financial products. It currently has a servicing portfolio of about $29 billion.