Grandbridge Closes $3,090,000 Loan for Retail Center

Published On: 06.06.16

Lake Elmo RetailMinneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $3,090,000 permanent loan secured by a 39,466 square foot retail center in Lake Elmo, Minn.

Minneapolis-based Senior Vice President Dave Rasmussen originated the transaction.

“The borrower sought a permanent loan to refinance the existing loan and reimburse the borrower for out-of-pocket expenses including tenant improvements, site improvements, leasing commissions and closing costs,” stated Rasmussen. 

The loan closed with a five-year loan term, 20-year amortization and an interest rate in the mid three percent range. The transaction strengths were low loan per square foot cost, debt service coverage in excess of 1.60 and an experienced borrower. Funding was arranged through one of Grandbridge’s banking relationships. 

About Grandbridge Real Estate Capital LLC

Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its 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 Freddie Mac Program Plus® Seller/Servicer, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.

With a current servicing portfolio of more than $29 billion, Grandbridge, an S&P strong rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations.

More information about Grandbridge and its full line of products and services is available at Grandbridge.com.