Grandbridge Closes $21 Million Bridge Debt for Florida Multifamily Community

Published On: 02.17.09

Ft. Lauderdale, Fla. — Grandbridge Real Estate Capital LLC recently originated and closed a $21,000,000 first mortgage acquisition/redevelopment loan secured a 405-unit multifamily community in the Ft. Lauderdale metro area. The 26-building property transaction was funded by BB&T Real Estate Funding (BBTREF).

Proceeds from this transaction, originated by Grandbridge Vice President David Gahagan in the company’s Ft. Lauderdale office, were used to acquire the property and implement a comprehensive renovation plan. This also includes upgrades to the property’s swimming pool and two tennis courts, as well as the addition of a tot lot.

“The primary strength of this transaction is the property’s strong and experienced sponsors, working in tandem with a very capable construction company and a successful management team,” explained Gahagan.

“Based on the property’s location, the team’s experience and local market conditions, we felt the opportunity to provide a low leverage, full recourse first mortgage redevelopment loan for this property was a good fit for BB&T Real Estate Funding,” explained BBTREF Senior Vice President Kirk Booher.

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, 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. Grandbridge is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved active participant in multifamily products insured by the Federal Housing Administration.

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services. Grandbridge has a servicing portfolio of approximately $24.9 billion representing nearly 100 capital providers.

With $152 billion in assets, BB&T Corporation is the nation’s 12th largest financial holding company. It operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

LOAN CONTACT

David Gahagan
Grandbridge VP
954.389.5145

MEDIA

Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139