Grandbridge Closes $10.7 Million Atlanta Area Multifamily Refinance

Published On: 08.13.10

Northchase ApartmentsATLANTA — Vice President Alan Tapie, in the Atlanta office of Grandbridge Real Estate Capital, recently originated and closed a first mortgage multifamily loan totaling $10,700,000 million.  Secured by 519 market rate apartment units, the acquisition transaction was funded through Mutual of Omaha. Total cost of the project, including rehab, is approximately $15.2 million.

“Grandbridge successfully delivered the terms we outlined at the start of the process and had a commitment delivered in less than 30 days, with closing occurring shortly thereafter. Structure of the acquisition/rehab loan in this short time frame enabled the borrower to complete his contract,” explained Mr. Tapie.

The multifamily community includes one-, two- and three-bedroom units averaging 1,300 square feet. Amenities include two swimming pools, a community center, clubhouse and playground. Three-quarters of the units are townhomes and more than one third have three bedrooms.

Charlotte, N.C.-based Grandbridge has a broad investor base that includes insurance companies, pension fund advisors, commercial banks and capital markets investors, as well as a proprietary lending platform.  The company is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender and a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender. Grandbridge is also a Multifamily Accelerated Processor (MAP) and LEAN healthcare approved active participant in products insured by the Federal Housing Administration (FHA).

The company 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 $24.5 billion and represents approximately 100 capital providers.

At June 30, BB&T Corporation had $155.1 billion in assets and is one of the nation’s largest financial holding companies. Founded in 1872, it operates more than 1,800 financial centers in 12 states and Washington, D.C. More information about the company is available at BBT.com.

BUSINESS CONTACT
Thomas S. Dennard
Grandbridge CEO    
(704) 379-6910
tdennard@gbrecap.com                                        

MEDIA CONTACT
Patricia Muse
Vice President | Marketing
(205) 978-1139
pmuse@gbrecap.com