Dealmaker: Grandbridge Closes $75M for Multifamily, Senior Housing

Grandbridge Real Estate Capital, Charlotte, N.C., closed $75.4 million in loans for multifamily and senior housing properties.

In Rockledge, Fla., Grandbridge closed a $45 million first mortgage loan secured by Rockledge Flats, a 247-unit four-story midrise at 356 Barton Boulevard. Atlanta-based Vice President Thomas Wiedeman originated the refinance transaction for Hutton Real Estate Holdings, Chattanooga, Tenn.

The Class A property in Brevard County is close to several large government and private sector employers in the space industry, as well as top government defense contractors in Cape Canaveral, Melbourne and Cocoa Beach.

“Hutton leased up the property at a very brisk pace that allowed for a refinance of the property only seven months after the start of leasing,” Wiedeman said. “We were able to deliver financing that aligned with Hutton’s business plan for the asset through competitive loan proceeds, interest only and flexible prepayment terms.”

Grandbridge also closed a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Washington, D.C.-based Managing Director Artin Anvar originated the refinance transaction through HUD’s 223(f) loan insurance program.

“The owners of Sunset at Normandie Towers were able to lock a very low fixed rate for 35 years, allowing for the preservation of the much-needed affordable housing in Los Angeles,” Anvar said. He noted the repeat HUD borrower capitalized on the low rate environment and took equity out of the property.