Grandbridge Closes $32 Million Refinance of Wisconsin Mall

Published On: 07.15.10

Valley ViewMILWAUKEE — Grandbridge Real Estate Capital's Milwaukee, Wis., office originated and closed a $32,000,000 10-year fixed rate refinance loan secured by Valley View Mall, a 560,000 square foot regional enclosed mall located in La Crosse, Wisconsin.  The mall is anchored by JCPenney, Macy’s, Sears, Herberger’s and Barnes and Noble.  The collateral for the financing totaled 343,000 square feet and included anchor stores, JCPenney and Barnes and Noble.  

Funding for the transaction was provided by JP Morgan Chase Bank through Brien Wloch of their Chicago CMBS origination team.  The 10-year, fixed rate loan was made at 70 percent loan-to-value with an interest rate under six percent.

Grandbridge Senior Vice President Jim Cope and Senior Analyst Justin Nelson arranged the financing on behalf of the owner, Pennsylvania Real Estate Investment Trust (PREIT), a Philadelphia-based retail REIT specializing in mall ownership and management.  

“Retail in La Crosse was a challenging story to tell to lenders given current market conditions, but we worked diligently with JP Morgan to help them understand the dynamics of the La Crosse market evidenced by the mall’s strong performance,” Justin Nelson commented.   

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation, 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.

The company is a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender and a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender. Grandbridge is also a MAP multifamily and LEAN healthcare approved participant in products insured by the Federal Housing Administration (FHA).

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 nationwide. Grandbridge has a servicing portfolio of about $24.5 billion representing nearly 100 capital providers.  For more information about Grandbridge and its locations, visit www.gbrecap.com.

As of March 31, 2010, BB&T Corporation (NYSE: BBT) is the 10th largest financial services holding company in the U.S. with more than $163 billion in assets and market capitalization of $22.4 billion. Based in Winston-Salem, N.C., the company operates more than 1,800 financial centers in 12 states and Washington, D.C. More information about the company is available at BBT.com.

BUSINESS CONTACT
Thomas S. Dennard
Grandbridge CEO    
(704) 379-6910
tdennard@gbrecap.com    

TRANSACTION CONTACT
Jim Cope
Senior Vice President
262.785.8441 
jcope@gbrecap.com

MEDIA CONTACT
Patricia Muse
Vice President | Marketing
(205) 978-1139
pmuse@gbrecap.com