CHARLOTTE, N.C.—The Greenville, S.C., office of Grandbridge Real Estate Capital recently originated and closed a $3,955,000 fixed rate refinance loan secured by Windsor House West Senior Living, an assisted living community in Spartanburg, S.C.  Funding for the transaction was provided by Freddie Mac under its Senior Housing Capped ARM/Cash-Out Refinance loan program.

“Freddie’s willingness to step outside the box is what made this deal work,” stated Grandbridge Vice President Bill Mattice, co-originator on the transaction.

 “Freddie prefers to fund transactions in excess of $5 million, but made an exception in this case because of our borrower’s experience and excellent seniors housing track record,” explained Grandbridge Vice President Phillip Cox.

Windsor House West Senior Living, constructed in 1995, is comprised of three buildings situated on 4.58 acres of land.  The facility, more than 91 percent leased at closing, offers a full range of senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services . The property features 75 private and semi-private suites for a total of 108 beds that includes 47 assisted living units (57 beds), two independent units (two beds), and 26 dementia units (43 beds).   Amenities and support offered includes assistance with daily living activities, medication management, senior-focused activities, respite care, transportation, dining, laundry, and onsite beauty/barbershop services.

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation, has a broad investor base that includes insurance companies, pension fund advisors, commercial banks and capital markets investors, as well as a proprietary lending platform.

The company is a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender and a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender. Grandbridge is also a MAP multifamily and LEAN healthcare approved participant in products insured by the Federal Housing Administration (FHA).

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services nationwide. Grandbridge has a servicing portfolio of about $24.5 billion representing nearly 100 capital providers.  For more information about Grandbridge and its locations, visit www.gbrecap.com.

As of March 31, 2010, BB&T Corporation (NYSE: BBT) is the 10th largest financial services holding company in the U.S. with more than $163 billion in assets and market capitalization of $22.4 billion. Based in Winston-Salem, N.C., the company operates more than 1,800 financial centers in 12 states and Washington, D.C. More information about the company is available at BBT.com.   
 
Grandbridge arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services nationwide. Grandbridge has a servicing portfolio of about $24.5 billion representing nearly 100 capital providers.  For more information about Grandbridge and its locations, visit www.gbrecap.com.

At June 30, BB&T Corporation had $155.1 billion in assets and is one of the nation’s largest financial holding companies. Founded in 1872, it operates more than 1,800 financial centers in 12 states and Washington, D.C. More information about the company is available at www.bbt.com.

BUSINESS CONTACT
Thomas S. Dennard
Grandbridge CEO    
(704) 379-6910
tdennard@gbrecap.com                                        

MEDIA CONTACT
Patricia Muse
Vice President | Marketing
(205) 978-1139
pmuse@gbrecap.com