Grandbridge Real Estate Capital facilitated $51.92 million in seniors housing financing

Brightview North Andover - North Andover, MA

North Andover, MA Grandbridge Real Estate Capital’s seniors housing and healthcare finance team’s senior vice president Richard Thomas and vice president Meredith Davis recently closed three seniors housing transactions totaling $51.922 million.

The first transaction was the $19.4 million first mortgage loan secured by Aegis of Issaquah, a 99-unit seniors housing community in Issaquah, Wash. Funding for the refinance was provided through Freddie Mac’s Capital Markets Execution (CME) Multifamily loan product. Aegis of Issaquah offers assisted living, memory care and specialized short-term care. 

The seniors housing and healthcare finance team also closed a $30.25 million permanent, floating rate loan for Brightview North Andover, a 133-unit independent and assisted living facility with a memory care component located in North Andover, Mass.

Funding for the refinance was arranged through Fannie Mae’s DUS SARM (Structured Adjustable Rate Mortgage) loan product.

“The attractive low rate, combined with the loan’s flexible terms and prepayment options, made this structure fit our client’s needs,” said Thomas.

The Seniors Housing and Healthcare Finance team closed a $2.272 million supplemental loan secured by Highgate Senior Living – Vancouver in Vancouver, Wash. Funding for the permanent, fixed rate loan was arranged through Fannie Mae’s DUS loan program.

Located in the Portland, Ore., MSA, Highgate Senior Living-Vancouver offers 58 units of independent and assisted living as well as memory care.

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.

Grandbridge, 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 Fannie Mae DUS lender, a Freddie Mac Program Plus Seller/Servicer, and an approved FHA MAP and LEAN healthcare lender.

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

As of December 31, 2015, BB&T is one of the largest financial services holding companies in the U.S. with $209.9 billion in assets and market capitalization of $29.5 billion. Based in Winston-Salem, N.C., the company operates 2,139 financial centers in 15 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others.