Grandbridge Closes $3,000,000 Million Twin Cities Industrial Refinance

Published On: 02.16.12

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $3,000,000 first mortgage loan secured by three industrial properties totaling 95,000 square feet located in Coon Rapids, Minnesota. This refinance transaction was originated by Minneapolis, Minn.-based Ben Fazendin and Chris Perry.

Funding for the fixed-rate nonrecourse loan was provided by RiverSource Life Insurance Company and featured a 10-year term, 25-year amortization, and a fixed interest rate in the mid five percent range. The loan‘s lower interest rate enabled the client pay off existing debt. The client also has the ability to place secondary debt on the properties provided that the combined debt amounts to no more than 70 percent of the properties’ value. The properties are 95 percent occupied.

“Grandbridge successfully worked with client and lender to overcome transaction challenges and the loan funded on-time as originally scheduled to meet the client’s timing objectives,” explained Fazendin.

About Grandbridge Real Estate Capital LLC

Charlotte, N.C.-based 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 Multifamily Accelerated Processor (MAP) and LEAN healthcare lender.

Grandbridge arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. The company has a current servicing portfolio of more than $25.7 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.