Grandbridge Closes $23.5 Million Texas Multifamily Refinancing

Published On: 06.04.12

HOUSTON — The Houston production office of Grandbridge Real Estate Capital recently originated and closed a $23,500,000 first mortgage loan secured by Willow Lakes Apartments, a 372-unit Class A residential community located in Port Arthur, Texas.

Funded through American Real Estate Capital, the refinance was originated by Houston-based Grandbridge Senior Vice President Greg Young. The five-year fixed rate mortgage features a 20-year amortization and closed with an interest rate of 5.5 percent.

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.