TODAY’S DEALS: Grandbridge Facilitates Non-Recourse Bridge Loan
Grandbridge Real Estate Capital completes a fixed-rate non-recourse loan secured by Thunderbird Retirement Resort; and R3 Funding closes a fifth funding deal in Rochester in the past year.
Atlanta—The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital recently closed a $21.2 million fixed rate non-recourse loan secured by Thunderbird Retirement Resort, a 345-unit seniors housing community located in Phoenix.
Funding for the acquisition loan was provided through BB&T Real Estate Funding’s Structured Loan Program, Grandbridge’s exclusive balance sheet lending platform focused on interim bridge first mortgage and construction loans, and featured a three-year term with a two one-year extensions. The initial term is interest-only with amortization beginning in the extensions. The loan includes approximately $5 million for renovations and repurposing. Senior Vice President Richard Thomas and Vice President Meredith Davis originated the transaction. The loan closed 28 days (including Thanksgiving) after the term sheet was issued.
R3 Funding closes fifth funding deal in Rochester in past year
New York–R3 Funding, a national lender correspondent providing origination and workout services, has arranged a $27.6 million refinancing for the North Ponds apartment community, a newly constructed, 196-unit multifamily property in Rochester, N.Y. The deal marks the fifth refinancing arranged by R3 Funding in the Rochester area in the past year, totaling more than$81 million.
The new Freddie Mac fixed-rate loan was based on the one-year stabilized history of the asset and features a 10-year term, 30-year amortization and 80 percent loan-to-value. R3 Funding was founded on the concept of bringing access to Wall Street capitalization options to investors in Main Street communities such as Rochester, and this latest transaction is a prime example of how R3 Funding brings multiple refinancing options to the developers.