GRANDBRIDGE ORIGINATES $318.5 MILLION FOR SENIOR HOUSING PROPERTIES

by admin

NORCROSS, GA. — Scott Kavel of Grandbridge Real Estate Capital’s Norcross office has helped an undisclosed real estate investment trust secure $318.5 million to fund a seniors housing credit facility. The 16-loan facility, which includes six properties in Florida and one property in Tennessee, can be expanded to $350 million. Kavel broke the loan into two lease pools and sold it to Fannie Mae. Lease Pool One carries an 8-year term with a mid-6 percent interest rate, and the second lease pool has a 5-year term and a low-6 percent interest rate. Both lease pools carry 30-year amortizations.

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