Grandbridge Closes $33.25 Million Multifamily Acquisition

Published On: 02.25.14

The Charlotte Office of Grandbridge Real Estate Capital recently closed a $33,250,000 first mortgage fixed rate loan secured by The Boulevard Apartments in Mount Pleasant, S.C. The 325-unit luxury apartment community features 10,000 square feet of retail space that will include a restaurant and spa. Additional property amenities include a pool and fitness center.

Senior Vice President Mike Ortlip originated the transaction. Funding was provided through one of Grandbridge’s insurance company relationships. The lender was able to close on the acquisition loan prior to the property reaching stabilization. Vice President Josh Davis, CCIM, assisted on the transaction.

About Grandbridge Real Estate Capital LLC
Grandbridge Real Estate Capital arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. With a current servicing portfolio of more than $28.58 billion Grandbridge represents approximately 100 capital providers.

Based in Charlotte, N.C., 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 MAP and LEAN healthcare lender.

More information about the company is available at www.grandbridge.com.