Grandbridge Closes $16.6 Million in N.C. Multifamily, Retail and Office Financing

Published On: 07.02.12

RALEIGH, N.C. — Grandbridge Real Estate Capital Senior Vice President Robert Hukill recently originated and closed four commercial real estate transactions in North Carolina.

This included a $4,500,000 first mortgage loan secured by CarMax Auto Superstore, a 20,377 square foot retail facility located in Fayetteville, N.C.  Funded through American Fidelity, the 10-year fixed rate nonrecourse refinance closed with an interest rate of 5.05 percent.

Hukill also originated and closed a $6,500,000 first mortgage secured by two office buildings located on the Wilmington campus of Miller-Motte College. The 80,595 square foot facilities house classrooms, laboratories, a library, student lounge, and offices. Funded through Coastal Federal Credit Union, the 12-year fixed rate mortgage features a 12-year amortization and closed with an interest rate of 5.875 percent.

“We were able to coordinate with BB&T bank and these correspondents to facilitate simultaneous refinances on multiple properties for this repeat client,” said Hukill. “By working in tandem, we were able to overcome unique issues to meet the client’s need to close on a single date.”

Also originated and closed by Hukill is a $3,650,000 first mortgage secured by a Walgreens located in Raleigh, N.C. The acquisition of the 14,280 square foot retail building was funded through Nationwide Life Insurance Company. The 25-year loan closed with an interest rate of 5.3 percent.

The $1,950,000 refinance of the Gables at Brownlea, a 100-unit garden style multifamily community in Greenville, N.C., rounds out Hukill’s recent North Carolina transactions. The 10-year fixed rate loan was funded through Summit Investment Advisors and closed with an interest rate of 4.95 percent.

About Grandbridge
Charlotte, N.C.-based Grandbridge has a broad investor base that includes insurance companies, pension fund advisors, CMBS lenders, commercial banks and capital markets investors, as well as a proprietary lending platform. The company, a wholly-owned subsidiary of BB&T, is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller/Servicer, and 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 servicing portfolio of more than $26 billion representing nearly 100 capital providers. More information about Grandbridge and its full line of products and services is available at www.gbrecap.com.