Grandbridge Arranges $26.5 Million in Financing for California Multifamily Properties

Published On: 10.30.13

LOS ANGELES — Los Angeles-based Grandbridge Senior Vice President Shelley Magoffin and Vice President Perry Colligan recently originated and closed $26,500,000 in first mortgage loans secured by two multifamily properties.

The first transaction was a $12,250,000 nonrecourse loan secured by a 128-unit multifamily property located in Simi Valley, Calif.  The second transaction was a $14,250,000 nonrecourse loan secured by a 205-unit multifamily property located in Canoga Park, Calif.  Both communities are high quality, well located properties.

Funding for both loans was provided by Lincoln National Life Insurance Company on behalf of a West Los Angeles investor and featured 15-year terms, 30-year amortizations with an interest-only feature. The interest rates were locked at application in the low four percent range.

“To secure the business, Grandbridge had to compete with another mortgage banking/broker firm that had a longstanding relationship with the borrower. To win the business Grandbridge had to provide clear and significant advantages over the competition.  After Grandbridge secured the loan committed some issues identified in the third-party reports required attention. Grandbridge was able to understand the problems, identify solutions and eliminate unnecessary complications in the closing process,” stated 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.