Grandbridge Closes $31.87 Million Houston Multifamily Deal

Published On: 03.09.11

Charlotte, N.C. — Grandbridge Real Estate Capital’s Houston Office recently closed a $31,875,000 first mortgage loan secured by Camden Heights Apartments, a 352-unit, Class ”A” urban multifamily property in Houston, Texas.   The seven-year acquisition loan features three years of interest-only and a 30-year amortization.

Funded through Fannie Mae’s DUS loan product, the transaction was originated by Houston-based Senior Vice President Jim Richards.  “Our client needed a quick close on this transaction.  Grandbridge had to approve, underwrite and close this loan within 30 days.  In order to do that, we had to fully quantify the market and rent comps,” explained Richards. Grandbridge’s extensive knowledge of the market, along with Fannie Mae’s responsiveness, enabled Grandbridge to win the deal.

Located in Houston’s Midtown Heights neighborhood, the five-building property is comprised of one-, two- and three-bedroom units and is only minutes from Houston’s Central Business District.  Midtown Heights offers residents close proximity to major employers, dining, shopping and entertainment as well as quality access to schools.  
The property boasts a resort-style swimming pool, clubhouse with social lounge, modern business center and premier athletic club all accessed through a gated entry.

Charlotte, N.C.-based Grandbridge, a subsidiary of 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 a proprietary lending platform. The company is a Fannie Mae DUS (Delegated Underwriting and Servicing) lender, a Freddie Mac program Plus Seller/Servicer and Targeted Affordable Housing lender, and an FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare approved 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. Grandbridge has a current servicing portfolio of $24 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.

As of December 31, 2010, BB&T is one of the largest financial services holding companies in the U.S. with $157.1 billion in assets and market capitalization of $18.3 billion. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C.  More information about BB&T and its full line of products and services is available at www.BBT.com.