GRANDBRIDGE BROKERS $136.1M SENIORS HOUSING SALE, ARRANGES $100M LOAN
ATLANTA — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has facilitated the $136.1 million sale of four independent living seniors housing properties, as well as closing a $100 million first mortgage loan secured by the properties.
The independent living facilities in the portfolio include: Town Village Tulsa, a 198-unit facility in Tulsa, Okla.; Town Village Vestavia Hills, a 221-unit facility in Vestavia Hills, Ala.; Town Village Sterling, a 222-unit facility in Sterling Heights, Mich.; and Town Village Audubon Park, a 175-unit facility in Memphis, Tenn.
Richard Thomas, senior vice president of Grandbridge, originated the transaction on behalf of the borrower, Focus Healthcare Partners LLC. Fannie Mae provided acquisition financing through its structured adjustable-rate mortgage loan product, which features a 10-year term and 30-year amortization schedule with interest-only payments for the first five years. After the first year, the borrower has the option to convert the adjustable-rate loan to a fixed-rate loan with no pre-payment charged for the conversion.
Integral Senior Living will manage all four properties. The facilities provide residents with numerous amenities such as common areas that include craft/multi-purpose rooms, billiards/game rooms, meeting rooms, libraries, exercise rooms, card rooms, computer rooms, hair salons, banking areas, swimming pools, large dining areas and nursing/physician centers.
The properties have centrally monitored resident call systems with wireless pendants for each resident. All suites contain full kitchens, with the exception of studios that feature small kitchenettes. The majority of the units have patios and balconies, as well as washers and dryers. Each suite has individually controlled heating and air conditioning units, up-to-date fire protection and are wired for cable TV.
Grandbridge Real Estate Capital, a Charlotte, N.C.-based subsidiary of Branch Banking and Trust Co. (NYSE: BBT), arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management, as well as real estate brokerage services. Grandbridge represents approximately 100 capital providers with a current servicing portfolio of more than $28.5 billion.
— John Nelson