Grandbridge Closes Terrace at Mountain Creek

Published On: 09.15.10

terrace at mt creekGrandbridge Real Estate Capital recently closed a $5.7 million first mortgage loan secured by The Terrace at Mountain Creek, one of the premiere seniors housing facilities in the greater Chattanooga, Tenn., market.

The 116-unit facility contains 43 independent living units, 60 assisted living units and 13 memory care units, as well as a variety of additional care options for residents.  At closing, the property was 96 percent occupied.

The transaction was funded through Grandbridge's exclusive relationship with BB&T Real Estate Funding.  Transaction highlights to this nonrecourse acquisition bridge loan inlcude: 60 percent loan-to-value, loan commitment with a three-year term with two, one-year extension options, and interest-only payments for 24 months.