LYNCHBURG, Va. — SunTrust Banks Inc. has provided $30.9 million in Fannie Mae financing for Liberty Ridge, a 171-unit independent living and assisted living community in Lynchburg.
The borrower is Runk & Pratt, a family-owned operator of seniors housing communities in the Lynchburg market. The loan will refinance the acquisition loan that Runk & Pratt used to buy the property in 2016. Liberty Ridge was originally constructed in 2014.
Joshua Hausfeld of SunTrust CRE Seniors Housing & Healthcare Finance originated the fixed-rate, non-recourse, 10-year term loan with a 30-year amortization schedule.