Grandbridge Closes $17.25 Million Multifamily Construction Financing

Published On: 06.06.12

Minneapolis, Minn. — The Minneapolis production office of Grandbridge Real Estate Capital recently originated and closed a $17,250,000 first mortgage loan secured by The Flats at West End, a 119-unit Class A residential community located in St. Louis Park, Minn. The property is scheduled to open in Spring 2013.

Funded through FHA’s 221(d)(4) loan product, the new construction financing was originated by Minneapolis based Grandbridge Vice President Ben Fazendin. The 40-year fixed rate mortgage features a 40-year amortization.

 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 $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.