Grandbridge Closes $6.7 Million in Midwest Multifamily Refinances

Published On: 03.15.10

Minneapolis, Minn. — The Minneapolis office of Grandbridge Real Estate Capital recently originated and closed two first mortgage multifamily loans totaling $6.7 million. The transactions, funded through Fannie Mae’s Delegated Underwriting and Services (DUS®) loan product, were for separate facilities located in North Dakota and Kansas. More than 150 market rate apartment units secured the refinance transactions, both of which were originated and closed by Dave Rasmussen and Tony Carlson.

Both fixed rate, 10-year loans carried interest rates well below 6.0 percent. The loans were nonrecourse to meet the objectives of the borrower, a large institutional investor. Grandbridge internally processed the loans and closed the transactions in consecutive months. The loans place Grandbridge’s Minneapolis office loan transaction volume at more than $560 million.

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

Charlotte, N.C.-based Grandbridge 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 Delegated Underwriting and Servicing (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 $24.5 billion and represents approximately 100 capital providers.

At Dec. 31, BB&T Corporation had $165.8 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 13 states and Washington, D.C. More information about the company is available at BBT.com.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

Dave Rasmussen
Senior VP
612.341.7899

Tony Carlson
Sr. Analyst
612.341.7886

MEDIA

Patricia Muse
Grandbridge Marketing
205.978.1139