Grandbridge Arranges $136 Million Sale; Funds $100 Million Acquisition

Published On: 09.15.14

The Atlanta-based Seniors Housing and Healthcare Finance Team of Grandbridge Real Estate Capital recently facilitated the $136,100,000 sale of and closed the $100,000,000 first mortgage loan secured by four independent living seniors housing properties. The independent living facilities in the portfolio include: Town Village Tulsa, a 198-unit facility in Tulsa, Okla.; Town Village Vestavia Hills, a 221-unit facility in Vestavia Hills, Ala.; Town Village Sterling, a 222-unit facility in Sterling Heights, Mich.; and Town Village Audubon Park, a 175-unit facility in Memphis, Tenn.

Funding for the acquisitions was provided by Fannie Mae through its Structured Adjustable Rate Mortgage (SARM) loan product and features a 10-year term and 30-year amortization, with the first five years at interest-only. The rate will float over the 30-day LIBOR. After the first year the borrower has the option to convert the SARM loan to a fixed rate loan with no prepayment charged for the conversion.

"Grandbridge's level of transactional expertise goes beyond that normally found in mortgage banking shops. They take the time to fully understand buyers’ needs and are very sensitive to sellers’ desires for discrete and sure executions. Grandbridge adds tremendous value to every transaction,” said Curt Schaller, Principal, Focus Healthcare Partners, LLC.

All four properties will be managed by Integral Senior Living. The facilities provide residents with numerous amenities such as common areas that include craft/multi-purpose rooms, billiards/game rooms, meeting rooms, libraries, exercise rooms, card rooms, computer rooms, hair salons, banking areas, swimming pools, large dining areas and nursing/physician centers. The properties have centrally monitored resident call systems with wireless pendants for each resident. All suites contain full kitchens, with the exception of studios that feature small kitchenettes. The majority of the units have patios and balconies, as well as washers and dryers. Each suite has individually controlled heating and air conditioning units, up-to-date fire protection and is wired for cable TV.

Senior Vice President Richard Thomas originated the transaction. Grandbridge's dedicated Seniors Housing and Healthcare Finance Team offers construction, nonrecourse acquisition/bridge, and permanent financing options to seniors housing owners nationwide.

The team has nearly 60 years of combined seniors housing experience and has closed more than $5 billion in seniors housing loan, sales and advisory transactions in the past 10 years. A subsidiary of Branch Banking and Trust Company (NYSE: BBT), Charlotte, N.C.-based Grandbridge has a proprietary lending platform, BB&T Real Estate Funding, as well as core balance sheet capabilities, which complement the firm's broad investor base that includes Fannie Mae, Freddie Mac, FHA, insurance companies, CMBS investors, pension fund advisors, commercial banks and capital market investors.

About Grandbridge Real Estate Capital LLC
Grandbridge Real Estate Capital arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. With a current servicing portfolio of more than $28.5 billion Grandbridge represents approximately 100 capital providers. Based in Charlotte, N.C., Grandbridge is a Fannie Mae DUS® lender, a Freddie Mac Program® Plus Seller/Servicer, and an approved FHA MAP and LEAN health care lender.