Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team arranged the $19 million sale of a senior living community near Springfield, Massachusetts.
The sales team led by Allen McMurtry, Dave Kliewer and Jay Jordan represented the seller to a West Coast-based senior living investor.
The expansive community features independent living cottages, independent living apartments and assisted living units across the 40+ acre campus. Campus amenities include multiple dining areas, an indoor lap pool, fitness center, library and numerous resident common areas.
Qualified bidders were invited to participate in a virtual live auction of the community in late September 2020. Following more than 100 rounds of live bidding, the auction concluded at a final sale price of just over $19 million.
Kliewer notes “the virtual bidding conducted via Zoom represented a very unique and successful auction format following our marketing efforts through the peak points of COVID-19. The new ownership group has plans for significant capital improvements and has been well-received by the residents.”
About Grandbridge Senior Housing Investment Sales
Led by Allen McMurtry, Dave Kliewer and Jay Jordan, the team has exclusively represented sellers of senior housing communities across the country since 1986. Over the past 30+ years the team has represented a broad spectrum of sellers including for-profit and non-for-profit organizations across all senior housing product types in over 195 communities sold across 35 states.
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Truist Bank, arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform. The company is a Freddie Mac Optigo® Conventional Multifamily, Seniors Housing and Targeted Affordable Housing lender, a Fannie Mae DUS® lender, and an approved FHA MAP and LEAN healthcare lender.
