Grandbridge Funds $12.25 Million Seniors Housing Refinance

Published On: 08.04.14

The Atlanta-based Seniors Housing and Healthcare Finance Team of Grandbridge Real Estate Capital recently closed a $12,250,000 first mortgage loan secured by Quail Park Memory Care in Eugene, Ore. Funding for the refinance was provided by BB&T Real Estate Funding, Grandbridge’s exclusive balance sheet lending platform, and featured a seven-year term and 30-year amortization. The loan is prepayable with yield maintenance plus 0.5 percent during the first half of the term and for only 0.5 percent for the second half of the term, except that for the last 90 days of the loan term, the loan may be paid with no fees. This unique feature gives the borrower the comfort of a fixed loan but the flexibility to prepay at a reasonable cost in the event of an opportunity to sell or otherwise recapitalize. 

“Morningside Development Group and its affiliate, Living Care Lifestyles, want to thank Grandbridge for the closing of our new mini-perm loan for our memory care facility in Eugene, Ore. Our friendship and relationship, with the trust that goes along with it, takes our commitment level with Grandbridge and BB&T to a whole new level. We look forward to our next transaction and trust that the results will be both as successful and as seamless as this one was,” said Tom Reynolds, Managing Member, Morningside Development Group.

Located in the Portland, Ore., MSA, the 49-unit/70-bed memory care seniors housing community features family-friendly kitchens, a large dining and entertainment room and living areas as well as a custom designed "Memory Park" located at the heart of the community. This secure area built around a returning path system enables residents the freedom to enjoy the outside independently and safely.

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, 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 Fannie Mae DUS® lender, a Freddie Mac Program® Plus Seller/Servicer, and an approved FHA MAP and LEAN health care lender. More information about the company is available at www.grandbridge.com.