GRANDBRIDGE ARRANGES $7.1 MILLION FOR SENIOR HOUSING PROJECT

HOUSTON — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $7.1 million in construction and mezzanine financing for Corinthian Village Senior Living, a 124-unit affordable senior housing project located in Houston. The project will be the latest phase of the Corinthian Pointe master-planned development. Of the project’s 124 units, 40 of those will be reserved for low-income residents. Amenities will include an activity room, a fitness center and a clubhouse. Completion is scheduled for 2010. The financing package was arranged by Grandbridge’s Jim Kirkpatrick on behalf of the borrowers, George E. Johnson Development and Corinthian Pointe Senior Living Corp. The financing includes a $6.4 million construction loan provided by Trustmark National Bank and a $700,000 mezzanine loan provided by The United Methodist Foundation of the Texas Annual Conference. In addition, the city of Houston provided $3.37 million in HOME funds for the project.