
Dealmaker: Grandbridge Arranges $78M in Three Deals
Grandbridge Real Estate Capital, Charlotte, N.C., closed two separate loans totaling $36 million secured by two Las Vegas office projects.
Los Angeles-based Senior Vice President Shelley Magoffin and Vice President of Production Max Sauerman originated the loans with a single commercial mortgage-backed securities lender. The same sponsor, a private Nevada real estate investment firm, owns both properties.
A 64,000-square-foot two-story building leased to a single tenant secures the smaller loan of $9 million. The building’s lease expires before the 10-year loan matures, so Magoffin and Sauerman worked with the lender and sponsor to overcome several challenges including the near-term lease expiration, the tenant’s early termination option and bond-market volatility at the time of funding.
“The loan was successfully funded without an upfront tenant improvement/lease commission reserve and the rate for the full-leverage loan was locked at closing with an interest rate in the range of 4.75 percent,” Magoffin said.
Three multi-tenant office buildings totaling more than 150,000 square feet secure the larger $27 million loan. “This loan also had its challenges, most notably significant near-term lease rollover,” Magoffin said. “The 10-year, full-leverage loan was successfully funded with an upfront TI/LC reserve and two years of interest-only with the interest rate locked at closing in the range of 4.75 percent.”
Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance Team closed a $42 million first mortgage secured by Aegis of Corte Madera, a San Francisco area senior housing community. A life insurance company provided the funding, which refinanced the 118-unit property. Senior Vice President Richard Thomas and Vice President Meredith Davis originated the transaction.