Grandbridge Arranges $15.25 in Calif. Office Financing

Published On: 10.30.13

LOS ANGELES — Los Angeles-based Grandbridge Senior Vice President Shelley Magoffin recently originated and closed a $15,250,000 first mortgage loan secured by a 98,134 square foot Class A office building located in northwest Fresno, Calif. Funding for the loan was provided by a life insurance company on behalf of a privately held investor based in Fresno, Calif., and featured a fully amortizing term of 15.5 years. The property was approximately 95 percent leased at funding with a rent roll which had staggered lease rollover and some credit.  

“The property is located in a secondary market in central Calif. Grandbridge was able to work provide the information the lender needed to get comfortable with the lack of depth in the office market and the size of the building relative to the supply,” explained Magoffin.  
 
About Grandbridge Real Estate Capital LLC

Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (BB&T), has a 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 Freddie Mac Program Plus® Seller/Servicer, Fannie Mae Delegated Underwriting and Servicing (DUS®) lender and an approved FHA MAP and LEAN healthcare lender. Grandbridge arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. Grandbridge has a current servicing portfolio of almost $30 billion and represents approximately 100 capital providers. More information about the company is available at www.grandbridge.com.    

About BB&T

As of September 30, 2013, BB&T is one of the largest financial services holding companies in the U.S. with $181.1 billion in assets and market capitalization of $23.8 billion. Based in Winston-Salem, N.C., the company operates 1,824 financial centers in 12 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 J.D. Power and Associates, 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 www.bbt.com.