Dealmaker: Grandbridge Arranges $48M For Seniors Housing, Multifamily

Grandbridge Real Estate Capital LLC, Charlotte, secured $47.9 million for seniors housing and multifamily properties in North Carolina, Minnesota and North Dakota.

Grandbridge’s Seniors Housing and Healthcare Finance team closed a $34.6 million loan for Chattanooga-based BrightSpace Senior Living. Fannie Mae funded the loan, which financed College Walk Retirement Community, a 168-unit independent and assisted-living community in Brevard, N.C.

In Minnesota, Minneapolis-based Grandbridge Senior Vice President Tony Carlson and Analyst William Perry closed a $6.2 million permanent refinance loan secured by a multifamily portfolio in towns near Minneapolis.

Fargo, N.D. townhomes

“We worked with a very strong repeat sponsor to coordinate this multiple property refinance to achieve a low interest rate, cash out and long-term fixed-rate financing objectives,” Carlson said. “The loan was funded by the existing lender, which provided certainty of execution and saved on transaction costs.”

Grandbridge also secured $7.1 million to refinance a fully occupied 57-unit townhome property in Fargo, N.D. Minneapolis-based Assistant Vice President Jeff Witt arranged the Freddie Mac loan.

“The borrower was able to utilize Freddie Mac’s spread hold combined with their index lock feature to eliminate their interest rate risk during underwriting in what was a rapidly increasing rate environment,” Witt said. “The 10-year fixed-rate loan came with 10 years of interest-only payments, which allowed the borrower to return a portion of equity to the ownership group.”