Dealmaker: Grandbridge Closes $157M in Senior Housing, Hotel, Multifamily Transactions

Grandbridge Real Estate Capital, Charlotte, N.C., closed $156.8 million in loans secured by senior housing, hotel and multifamily assets. 

Grandbridge’s Seniors Housing and Healthcare Finance Group arranged $125 million for a four-property senior housing portfolio funded through Fannie Mae’s Delegated Underwriting and Servicing Seniors Housing loan product. Independent living seniors housing properties in four states secure the loans. 

“Grandbridge was able to underwrite and close $25 million in supplemental loans while simultaneously underwriting and closing $100 million in assumption loans for the existing Fannie Mae loans that Grandbridge originated for the seller several years earlier,” said Senior Vice President Richard Thomas.

Grandbridge Vice President Meredith Davis noted that the transaction moved from application to closing in 45 days.

In Nashville, Tenn., Grandbridge Senior Vice President Gordon White originated $17.5 million for 143-room hotel property Aloft Nashville-Cool Springs. A commercial mortgage-backed securities lender provided the five-year nonrecourse loan with an initial interest-only period. 

In Atlanta, Grandbridge Senior Vice President Taylor Williams originated two refinance transactions totaling $14.3 million. Lakeside Apartment Townhomes, a 177-unit property, and 232-unit Stonetree Apartments secure the loans.

“Grandbridge arranged funding of the permanent loans through Freddie Mac’s Capital Markets Execution multifamily loan product, enabling us to structure the nonrecourse loans with initial period of interest-only, 10-year terms and 30-year amortizations,” Williams said. “In order to mitigate interest rate risk, the borrowers chose Freddie Mac’s Early Rate-Lock option for both transactions.”