SunTrust Banks, Inc. (NYSE: STI) announced today that Joshua Hausfeld, managing director of SunTrust CRE Seniors Housing & Healthcare Finance, originated a $30.9 million Fannie Mae loan for Liberty Ridge, a Runk & Pratt “Class A” senior living community located in Lynchburg, Virginia. SunTrust originated a fixed-rate, non-recourse 10-year term loan with a 30-year amortization schedule for the 171-unit independent living and assisted living property. Liberty Ridge was originally built in 2014. The property is historically well occupied and maintains strong financial performance.
Runk & Pratt, a longtime SunTrust Bank client, is a family owned operator of a portfolio of senior living communities located in the greater Lynchburg market. In 2016, SunTrust originated the short-term bridge loan for the acquisition of Liberty Ridge and to reposition the property to address the growing demand for assisted living facilities in Lynchburg. SunTrust closed the low interest rate Fannie Mae loan to refinance the property on September 4.
“In the last two years, SunTrust has creatively structured long-term Agency debt for two of our senior living properties and is currently working to provide Agency financing for a third property in our portfolio,” said Brian Runk, founder of Runk & Pratt. “We appreciate how well the entire SunTrust team communicates and works with us to strategically execute all of our seniors housing finance needs in such an innovative fashion.”
“The tremendous demand for well-built seniors housing with resort-style amenities is driving our clients to secure new long-term Agency debt to acquire and refinance independent living, assisted living and memory care properties across the country,” said Hausfeld. “Due to the Liberty Ridge property’s high occupancy rates and strong performance, SunTrust was able to meet Fannie Mae’s execution needs while addressing the demand for properties that skillfully cater to the aging population in this area.”
SunTrust CRE provides banking and capital markets solutions to commercial real estate developers, owners, and operators on a national and local basis through its Institutional, Regional CRE, Agency CRE and Real Estate Investment Banking businesses, as well as SunTrust Community Capital.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2019, SunTrust had total assets of $222 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
