Grandbridge Arranges $12.96 Million Construction Loan for Tucson Area Retail Center

Published On: 06.27.16

HOUSTON Grandbridge Real Estate Capital recently closed a $12,962,623 development loan secured by Arizona Pavilions – Phase II, a 110,986 square foot to-be-built retail property in the Tucson, Ariz., MSA.

Vice President Jason Bartlein of Grandbridge’s Houston office originated the new construction loan.

Funding for the loan was arranged through one of Grandbridge’s specialty finance company relationships and featured a three-year interest-only term.

“This big box retail project was preleased to five junior anchors (Ross, Petco, T.J. Maxx, HomeGoods and Dollar Tree) that will comprise 90 percent of the Net Rentable Area (NRA). A great tenant mix with long-term leases made this an attractive construction loan,” said Bartlein. “The construction lending environment has become much more challenging. However, Grandbridge was able to locate bank-alternative financing in order to provide a 75 percent of cost loan with the guarantee limited to completion of the project only.”

About Grandbridge Real Estate Capital LLC

Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), 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, BB&T Real Estate Funding. The company is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller/Servicer, and an approved FHA MAP and LEAN healthcare lender.

With a current servicing portfolio of more than $29.7 billion, Grandbridge, an S&P “Strong” rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Fannie Mae, Freddie Mac, Ginnie Mae, insurance companies, banks and more than 250 securitizations. For more information about Grandbridge, visit Grandbridge.com.

About BB&T

BB&T is one of the largest financial services holding companies in the U.S. with $212.4 billion in assets and market capitalization of $26.0 billion, as of March 31, 2016. Based in Winston-Salem, N.C., the company operates 2,137 financial centers in 15 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at BBT.com.