Grandbridge Real Estate Capital LLC recently closed a $12,557,499 loan secured by a three-building, 100-unit/146-bed seniors housing facility on two sites in Menasha, Wisconsin. Originated by Grandbridge Managing Director Artin Anvar, the permanent, fully amortizing modification loan was funded through HUD’s FHA 232 223(f) Interest Rate Reduction (IRR) loan program. Structured with a 26.3-year term and 26.3-year amortization, the nonrecourse transaction closed with a fixed interest rate of 3.20 percent. The loan proceeds will be used to pay off an existing Grandbridge HUD loan.
“This property has recently been repositioned and completing this transaction provided excellent debt service savings for the property,” said Anvar.
“I found the Grandbridge team to be very good to work with. They never stopped advocating for my transaction throughout the process. They moved quickly and efficiently when the opportunity called for it. My facilities will see a meaningful benefit to operations going forward. I would and have, recommended working with the Grandbridge team to my peers and colleagues,” said Michael T. Schanke, president of Oakridge Gardens Rehabilitation & Memory Center
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital LLC, a subsidiary of BB&T (now Truist), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform. The company is a Freddie Mac Optigo® lender, a Fannie Mae DUS® lender, and an approved FHA MAP and LEAN health care lender. With a current servicing portfolio of $39 billion, Grandbridge, an S&P strong rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations. More information about Grandbridge and its full line of products and services is available at Grandbridge.com.
About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $522 billion as of June 30, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.
