Grandbridge Real Estate Capital is making a big jump into seniors housing investment sales with the addition of three veterans highly experienced in the space. Cushman & Wakefield’s Tampa, Florida team, led by Allen McMurtry, David Kliewer and Jay Jordan, made the move to Grandbridge’s Seniors Housing and Healthcare Finance Group, which is headed by Richard Thomas in Atlanta, Georgia.
They will bring experience representing sellers of seniors housing communities across the country, spanning over 190 properties in 35 states. Recently, the former C&W team arranged the $105 million sale of The Clare in downtown Chicago in December 2019, cementing its status as one of the most successful investment sales teams in the entrance fee CCRC market.
Cushman & Wakefield has been a major factor in the seniors housing brokerage business, usually ranking in the top five nationally on various sales metrics. It was the combination of the Tampa office with the Boston and San Diego offices that provided the market penetration. But with one of the legs of the stool departing during this M&A downturn, the pressure will be on to perform.
Headquartered in Charlotte, North Carolina, Grandbridge is a subsidiary of BB&T, now Truist, and has closed more than $8 billion in seniors housing and healthcare loans, sales and advisory transactions. Truist also happens to be a leader in the entrance-fee CCRC market. No coincidence there.