Grandbridge Closes $4.2 Million Virginia Multifamily Deal

Published On: 12.22.10

CanterburySquareThe Washington, D.C. office of Grandbridge Real Estate Capital recently originated and closed a $4.2 million first mortgage loan secured by Canterbury Square Apartments, a 152-unit multifamily community in Ft. Belvoir, Va. 

Funding for the fixed rate refinance loan was provided by Fannie Mae under its Delegated Servicing and Underwriting (DUS®) loan program with a 10-year term, amortized over 30 years. 

The 6.4 acre community, built in 1964, features two three-story buildings with a mix of studio, one- and two-bedroom units.  Canterbury Square Apartments is located approximately 20 miles south of the Washington, D.C. central area.  Senior Vice Presidents Paul Aanonsen and Jack Bauer originated the transaction.

As a Fannie Mae DUS lender, Grandbridge has access to the most attractive multifamily financing debt available in the market today. 

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T, 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 Fannie Mae DUS lender and a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender. Grandbridge is also a Multifamily Accelerated Processor (MAP) and LEAN healthcare approved active participant in products insured by the Federal Housing Administration (FHA). The company 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.

At September 30, BB&T Corporation had $157.2 billion in assets and is one of the nation’s largest financial holding companies. Founded in 1872, it operates more than 1,800 financial centers in 12 states and Washington, D.C. More information about the company is available at BBT.com.