Grandbridge Real Estate Capital's seniors housing and healthcare finance team (Atlanta) recently closed a $12.2 million first mortgage loan secured by Quail Park Memory Care (Eugene, Ore.). Funding for the refinance was provided by BB&T Real Estate Funding (Chicago).
The loan has a seven-year term and 30-year amortization and is prepayable with yield maintenance plus 0.5 percent during the first half of the term and for only 0.5 percent for the second half of the term, except that for the last 90 days of the loan term.
The terms give the borrower the comfort of a fixed loan but the flexibility to prepay at a reasonable cost in the event of an opportunity to sell or otherwise recapitalize.
