Grandbridge Atlanta Office Closes $6.65 Million in Multifamily Deals

Published On: 01.24.13

ATLANTA, GA. — Grandbridge Real Estate Capital recently originated and closed two multifamily properties totaling $6,650,000. Both fixed rate loans were originated by Atlanta-based Senior Vice President Alan Tapie.
The first transaction was a $3,150,000 first mortgage loan secured by Park Place Apartments, a 153-unit affordable housing community located in Springfield, Mo. The 10-year permanent loan features a 25-year amortization and closed with an interest rate of 3.98 percent.

“Grandbridge worked closely with Fannie Mae’s Affordable Housing team to secure the nonrecourse financing for the property which was in its preservation period for rent restrictions. The borrower, a long-time repeat client of Grandbridge, is a highly experienced multifamily owner and operator,” stated Tapie.

The second transaction was a $3,500,000 first mortgage loan secured by Marquise Chase Apartments, a 212-unit multifamily community located in Stone Mountain, Ga. The 10-year permanent loan features a 30-year amortization and closed with an interest rate in the mid four percent range.

“Grandbridge secured a nonrecourse loan that was utilized to retire the in-place bank loan. The borrower is also a repeat client of Grandbridge, which made for a smooth collaborative process in securing the CMBS financing,” said Tapie.

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 Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, a Freddie Mac Program Plus® Seller/Servicer 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 Dec. 31, 2012, BB&T is one of the largest financial services holding companies in the U.S. with $183.9 billion in assets and market capitalization of $20.4 billion. Based in Winston-Salem, N.C., the company operates 1,832 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.