Grandbridge Arranges $7.1 Million Seniors Affordable Multifamily Deal

Published On: 04.14.09

Corinthians Living

HOUSTON — Grandbridge Real Estate Capital LLC (Grandbridge) arranged a construction loan secured by Corinthian Village Senior Living, a 124-unit, seniors 62+ affordable apartment community in Houston, Texas. Structured and arranged by Grandbridge on behalf of Houston George E. Johnson Development and nonprofit Corinthian Pointe Senior Living Corporation, the transaction is comprised of both a construction loan and mezzanine piece.

Several investors provided construction funding:

  • The City of Houston provided HOME funds in the amount of $3,375,670;
  • Trustmark National Bank provided $6,400,000 in construction financing; and
  • The United Methodist Foundation of the Texas Annual Conference provided $700,000 in mezzanine financing.

The property is the most recent phase added to Corinthian Pointe, a master planned development and one of Houston’s most successful public-private partnerships. Corinthian Pointe has been a model for successful affordable housing and community redevelopment in Houston.

Upon completion, Corinthian Village Senior Living will offer 124 units of affordable independent living for seniors age 62 and over, with 40 units reserved for low-income residents. The property will include a multipurpose activity room, fitness center and clubhouse. Construction completion is projected for 2010.

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, has a broad investor base that includes insurance companies, pension fund advisors, commercial banks, and capital markets investors, as well as a proprietary lending platform.

Grandbridge is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved and LEAN-approved FHA lender.