Dealmaker: Grandbridge Closes Deals in Texas, Massachusetts

Grandbridge Real Estate Capital, Charlotte, N.C., closed a $67.5 million refinance loan secured by 947 units in three Texas multifamily properties: Camden Amber Oaks I and II in Austin and Camden Design District in Dallas.

This initial funding is part of a Fannie Mae master credit facility agreement for Camden Property Trust affiliate Camden Multifamily Value Add Fund L.P.

Grandbridge Senior Vice President Greg Young arranged the master credit facility, which could refinance up to $275 million of the Value Add Fund’s outstanding indebtedness. The 10-year nonrecourse loan through Fannie Mae’s Delegated Underwriting and Servicing Structured Adjustable-Rate Mortgage loan product allows interest-only payments.

Young noted that all properties are cross-collateralized and cross-defaulted with the option to add, substitute or release qualified properties to and from the facility. “The attractive low rate, combined with the credit facility’s flexible terms, substitution features and prepayment options made this structure fit our client’s current and future refinancing needs,” he said.

Sharon Karaffa, Director of Structured Transactions at Fannie Mae, said the execution gives Camden flexibility to manage debt across their portfolio.

In North Andover, Mass., Grandbridge Seniors Housing and Healthcare Finance team Senior Vice President Richard Thomas and Vice President Meredith Davis closed a $30.2 million permanent floating-rate loan for Brightview North Andover, a 133-unit independent and assisted living facility with a memory care component. Fannie Mae, Washington, D.C., supplied the financing through its Delegated Underwriting and Servicing Structured Adjustable-Rate Mortgage loan program.