Convivial Life Acquires Beachside AL/MC Community
Grandbridge Real Estate Capital has arranged the sale of The Cabana at Jensen Dunes, a 126-unit assisted living and memory care community in Jensen Beach, Florida to Florida-based not-for-profit Convival Life. Opened in August 2016, the beachside community had 85% occupancy at the time of sale. Convival also purchased an adjacent 11.35-acre development parcel entitled for more than 210 independent living units. The combined purchase price was $32.5 million. The seller, One HC–Jensen Beach LLC, is an investment group who utilized the 142d bond program, along with EB5 financing, to develop the project. Performance through the COVID-19 pandemic was steady, and the community saw some... Read More »
Grandbridge Sells Portfolio
Grandbridge Real Estate Capital’s seniors housing sales team in the Tampa office closed on a portfolio of three newly-constructed senior living communities, known as the Woodland Terrace portfolio. The properties offer independent living, assisted living and memory care services in the Indianapolis, Indiana market area. They were developed, owned and operated by The Justus Companies, which is a well-established multifamily and residential building family business in the local market that has been in business for 100 years. The buyer a partnership between a “national investor” and Purpose First Partners, a venture between New Perspective Senior Living and Boldt... Read More »
Grandbridge Arranges Loan for Wisconsin Community
Grandbridge Real Estate Capital LLC’s Artin Anvar recently arranged a $12.6 million HUD loan for a 100-unit, 146-bed seniors housing community in Menasha, Wisconsin. The three-building campus received a permanent, fully-amortizing loan through HUD’s Interest Rate Reduction (IRR) loan program, featuring a 26.3-year term and amortization period, and a fixed interest rate of 3.2%. Proceeds of the loan will be used to pay off an existing Grandbridge HUD loan. The borrower and name of the facility were not disclosed. Read More »
Grandbridge Secures Rate Reduction Transactions
The team at Grandbridge Real Estate Capital arranged three interest rate reduction (IRR) modifications through HUD, with Artin Anvar leading the way on the deals. The largest transaction featured a $9.2 million loan secured by a 108-unit affordable senior apartment community in Gaithersburg, Maryland. Reno & Cavanaugh arranged the original $9.94 million HUD loan. The other two transactions came in under $1 million, with a $985,000 loan secured by a 35-unit assisted living community in Seattle and a $956,000 loan secured by a 54-unit memory care community also in Seattle. Both loans featured 20-year terms and 20-year amortization schedules. Read More »Schedule a demo
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