Grandbridge Closes $3.95 Million Seniors Housing Transaction

Published On: 07.10.10

CHARLOTTE, N.C.—The Greenville, S.C., office of Grandbridge Real Estate Capital recently originated and closed a $3,955,000 fixed rate refinance loan secured by Windsor House West Senior Living, an assisted living community in Spartanburg, S.C.  Funding for the transaction was provided by Freddie Mac under its Senior Housing Capped ARM/Cash-Out Refinance loan program.

“Freddie’s willingness to step outside the box is what made this deal work,” stated Grandbridge Vice President Bill Mattice, co-originator on the transaction.

 “Freddie prefers to fund transactions in excess of $5 million, but made an exception in this case because of our borrower’s experience and excellent seniors housing track record,” explained Grandbridge Vice President Phillip Cox.

Windsor House West Senior Living, constructed in 1995, is comprised of three buildings situated on 4.58 acres of land.  The facility, more than 91 percent leased at closing, offers a full range of senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services . The property features 75 private and semi-private suites for a total of 108 beds that includes 47 assisted living units (57 beds), two independent units (two beds), and 26 dementia units (43 beds).   Amenities and support offered includes assistance with daily living activities, medication management, senior-focused activities, respite care, transportation, dining, laundry, and onsite beauty/barbershop services.

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation, 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.

The company is a Freddie Mac Program Plus® Seller/Servicer and a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender. Grandbridge is also a MAP multifamily and LEAN healthcare approved participant in products insured by the Federal Housing Administration (FHA).

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services nationwide. Grandbridge has a servicing portfolio of about $24.5 billion representing nearly 100 capital providers.  For more information about Grandbridge and its locations, visit www.gbrecap.com.