Grandbridge Atlanta Office Closes $38.3 Million in Multifamily Transactions through BB&T Real Estate Funding

Published On: 05.29.13

ATLANTA — The Atlanta office of Grandbridge Real Estate Capital recently originated and closed three multifamily transactions totaling $38,325,000. The acquisition/bridge financing for these properties was facilitated by Grandbridge through its proprietary lending platform, BB&T Real Estate Funding LLC.

The first transaction, a $17,835,000 first mortgage nonrecourse bridge loan secured by Villa Medici Apartments located in Overland Park, Kan., was originated by Atlanta-based Grandbridge Senior Vice President Alan Tapie for an Atlanta-based multifamily investment company.  The loan carried a rate at four percent with interest-only payments.
 
The 166-unit multifamily community features a large clubhouse, theater room, fitness center, water features and covered parking. “The property has an excellent location and is very unique in that it was constructed in 1970 with very large floor plans, enabling it to compete with Class A properties in the submarket,” stated Tapie. “The borrower’s business plan includes upgrades that will greatly enhance the property allowing it to better compete in the market. Grandbridge and BB&T Real Estate Funding were able to close within the client’s timeframe and execute a deal that will enhance the value of the property for a future sale or refinance.”

The second transaction was originated by Atlanta-based Grandbridge Senior Vice President Tom Walsh.  The $6,900,000 first mortgage loan was secured by a 29-unit/116-bed student housing property in Philadelphia, Pa., near St. Joseph’s University.   “Grandbridge and BB&T Real Estate Funding were able to structure a deal that facilitated the acquisition of the property in January 2013, allowing the borrower to schedule a significant rehab to the property in the summer of 2013 between the spring and fall semesters,” said Walsh.

Walsh also originated a $13,590,000 first mortgage loan secured by Birch Grove Apartments and Sycamore Chase Apartments in Decatur, Ga., for a repeat borrower. The two garden-style properties have a total of 332 units. “BB&T Real Estate Funding’s ability to work with two separate properties and a major renovation project were integral to funding the transaction,” said Walsh.

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 Real Estate Funding

Chicago-based BBTREF, a proprietary lending unit of Grandbridge Real Estate Capital, is a national real estate finance company uniquely focused on providing custom-tailored financing to middle market real estate developers and investors. With expertise in structuring interim first mortgage bridge loans, BBTREF mission is the creation of capital solutions with the greatest potential for success.

As a capital source that delivers on its promises, BBTREF provides clients with attractive alternatives to ordinary recourse bank financing while tailoring financing solutions that manage risks, maximize profits and support the execution of clients’ business plans — project after project. More information about the company is available at www.bbtrefunding.com.

About BB&T

BB&T (NYSE: BBT) is one of the largest financial services holding companies in the U.S. with $181 billion in assets and market capitalization of $22.0 billion, as of March 31, 2013. Based in Winston-Salem, N.C., the company operates 1,842 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.