SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans.
Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program.
The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization.
The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization.
The largest transaction, totaling $9.2 million, was secured by AirPark Apartments, a 108-unit affordable housing community in Gaithersburg.
“Our clients continue to take advantage of the historically low interest rates by using the HUD IRR, HUD 223(a)7, and 223(f) financing options to lower debt service for their multifamily seniors housing properties,” says Anvar.