Freddie Mac Approves Grandbridge to Originate Multifamily Seniors Housing Mortgages Nationwide

Published On: 10.04.11

CHARLOTTE, N.C. – Freddie Mac has approved Grandbridge as one of 12 lenders to originate and service multifamily seniors housing loans nationwide. Grandbridge and its experienced seniors housing team met Freddie Mac’s new qualifications that reflect the specialized skills needed to originate these loans. In addition to Grandbridge’s dedicated seniors housing team, two production offices — Charlotte, N.C. and Washington, D.C. — are approved to originate seniors housing loans for Freddie Mac.

“Originating loans for independent living, assisted living, memory care, and rental continuing care property loans requires unique skill sets,” said Mike McRoberts, national vice president of Production and Sales for Freddie Mac. “The Seniors Housing designation qualification process ensures that the loans we purchase are well-managed for credit and risk because the lenders have demonstrated their extensive knowledge, commitment and experience in this market.”

“Grandbridge’s seniors housing team, led by Senior Vice President Richard Thomas and Vice President Tim Hudgins, has completed transactions in more than 40 states. Working with clients throughout the nation, they focus 100 percent of their time on this product type,” explained Grandbridge CEO Thomas S. Dennard.

Freddie Mac has provided financing for seniors housing since 1998, but in June had lenders apply for a special national designation to continue to sell these loans to the company. Richard and Tim’s depth of seniors housing real estate experience—spanning more than two decades and specialization in the seniors housing industry as a provider of debt and equity capital, as well as advisory services to seniors housing clients nationwide—was key to Grandbridge’s selection as a Freddie Mac seniors housing lender. They proudly create unparalleled value for their clients on each and every transaction and our servicing and asset management teams continue to support the client and the transaction after closing.

Applicants for the new Seniors Housing designation underwent a rigorous qualification process that included demonstrating GSE loan origination and underwriting experience for seniors housing properties, having experienced staff who know this specific market, a track record of strong seniors housing loan performance and the ability to service and asset-manage these properties post-closing.

“As the market for seniors housing continues to grow, as more baby boomers reach retirement age and this property type takes center stage as an investment option, our team is ready to work on behalf of our clients nationwide as a single point of contact to streamline the complexities of seniors housing real estate lending while increasing client access to a wide range of sound capital sources. Our ability to innovate, craft solutions and focus on the surety of execution differentiates Grandbridge from other firms,” said Richard Thomas.

Grandbridge Real Estate Capital recently originated and closed the first Freddie Mac Capital Markets Execution SM (CME) adjustable rate loan secured by a seniors housing facility. The $8,600,000 first mortgage loan is secured by Benton House of Newnan. Located in Newnan, Ga., the 71-bed seniors housing community is managed by Principal Senior Living Group. Grandbridge Atlanta-based Senior Vice President Richard Thomas and Vice President Tim Hudgins arranged the financing. Once the property reached stabilization, Grandbridge provided the borrower permanent financing to replace a BB&T construction loan. Grandbridge and its parent company, BB&T, offer seniors housing owners construction, acquisition and permanent financing options.

Product Information

  • Freddie Mac’s Seniors Housing Mortgage product is for the origination of loans for independent living properties, assisted living properties and properties with a limited amount of skilled nursing or dementia care.
  • Senior housing loans are eligible for securitization.

About Grandbridge Real Estate Capital

Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (BB&T), has a broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding.

The company is a Freddie Mac Program Plus® Seller/Servicer, Seniors Housing, a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender and an approved FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare lender. Grandbridge arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. The company has a current servicing portfolio of more than $25.3 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.

About Freddie Mac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. For further information about Freddie Mac visit www.FreddieMac.com or contact Patti Boerger at 703-903-2445 or Patricia_Boerger@FreddieMac.com.