Grandbridge Closes $5.3 Million Texas Retail Transaction in Three Weeks

Published On: 05.23.11

HOUSTON — Jim Kirkpatrick, a Vice President in Grandbridge Real Estate Capital’s Houston office, recently closed a $5,300,000 first mortgage loan secured by Arcadia, a 22,400 square foot retail center in Cinco Ranch near Katy, Texas, in the Houston MSA.

The 100 percent leased property houses tenants that include First Community Bank, FedEx Kinko’s, Mooyah Burgers & Fries and Potbelly Sandwich.

Funded through Grandbridge’s CMBS relationship with Morgan Stanley, the transaction went from application to close in just 21 days. The nonrecourse, fixed rate loan used to refinance the property out of a construction loan, features a 10-year term and 25-year amortization at a 5.42 percent interest rate. The loan was sized to 75 percent of value.

“The borrower wanted to get out of their construction loan, off recourse and fix their interest rate, but because they had leveraged up their original construction loan, they needed maximum proceeds,” Kirkpatrick said. “Morgan Stanley was great to work with. They understood the strengths of the borrower as well as the property and really stepped up to make this deal happen.”

About Grandbridge Real Estate Capital LLC

Charlotte, N.C.-based 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 (Delegated Underwriting and Servicing) lender, a Freddie Mac program Plus Seller/Servicer and Targeted Affordable Housing lender, and an approved FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare 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 more than $24 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.

About BB&T

As of March 31, 2011, BB&T is one of the largest financial services holding companies in the U.S. with $157 billion in assets and market capitalization of $19.1 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.