Conventry Senior Living

Conventry Senior Living

  • $17,886,496
  • 120 units
  • Construction
  • Bank
  • Originated by Dave Rasmussen

Grandbridge Closes $17.8 Million Construction Loan for Minnesota Seniors Housing Development

Grandbridge Real Estate Capital recently closed a $17,886,496 construction loan secured by a to-be-built120-unit seniors housing community in Little Canada, MN.

Minneapolis-based Senior Vice President Dave Rasmussen originated the transaction.

“The borrowers sought a construction mini-perm loan that allowed them to build and hold the property for the long term. The developer is a repeat client and the total project development cost will exceed $20 million. The lender is a local bank that the borrower and I have worked with on previous closings. So, when this opportunity came along, the process and paperwork was a known product, which created a more seamless transaction,” stated Rasmussen.

The nonrecourse loan closed with a 5-year loan term, 25-year amortization and an interest rate in the mid three percent range.

About Grandbridge Real Estate Capital LLC

Headquartered in Charlotte, NC, Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its 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 Freddie Mac Multifamily Approved Seller/Servicer for Conventional and Seniors Housing, a Fannie Mae DUS ® lender and an approved FHA MAP and LEAN healthcare lender.

With a current servicing portfolio of $29 billion, Grandbridge, an S&P "Strong" rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations.

About BB&T

BB&T is one of the largest financial services holding companies in the US with $222.7 billion in assets and market capitalization of $39.1 billion as of June 30, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, NC, BB&T operates more than 1,900 financial centers in 15 states and Washington, DC, and is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at

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Loans are subject to credit approval.

Grandbridge Real Estate Capital is a subsidiary of Branch Banking and Trust Company(opens in a new tab), Member FDIC. Both are Equal Housing Lenders. Equal Housing Lender