Grandbridge Closes $20.15 Million in New Construction Financing for Two Industrial Warehouse Buildings in Miami Florida

Published On: 10.02.14

MIAMI — The Miami Office of Grandbridge Real Estate Capital recently closed $20,150,000 in first mortgage construction loans for two new industrial warehouse buildings at the AVE Aviation and Commerce Center in the Miami, Fla., MSA. The buildings will provide 313,820 square feet of space to answer the growing demand for industrial warehouse space in the Miami-Dade area. The buildings are 32 percent preleased to an aircraft engine repair firm. AVE Aviation and Commerce Center is a 2.6 million square foot mixed-use, master-planned corporate business park on the west side of the Opa Locka Airport.

Senior Vice President Phil Carroll originated the transactions. Funding for the loans was provided by BB&T.

“The loan was tricky given the fact that preleasing was less than 50 percent. However, the sponsor has a solid, 20-year track record of successful industrial development in Miami, which helped BB&T get comfortable with the transaction”, said Carroll.

About Grandbridge Real Estate Capital LLC
Grandbridge Real Estate Capital arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. With a current servicing portfolio of more than $28.5 billion Grandbridge represents approximately 100 capital providers.

Based in Charlotte, N.C., 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 DUS® lender, a Freddie Mac Program® Plus Seller/Servicer, and an approved FHA MAP and LEAN healthcare lender. More information about the company is available at www.grandbridge.com.