Grandbridge Closes $61.75 Million Multifamily Acquisition Financing

Published On: 05.02.12

Charlotte, N.C. — The Charlotte production office of Grandbridge Real Estate Capital recently originated and closed a $61,750,000 first mortgage loan secured by Ravens Crest Apartments, a 704-unit Class A residential community located in Plainsboro, New Jersey, between New York and Philadelphia, just minutes from Princeton and the New Jersey Turnpike.

Funded through Fannie Mae’s Delegated Underwriting and Servicing (DUS®) loan product, the acquisition financing was originated by Charlotte-based Grandbridge Senior Vice President Mike Ortlip. “Meeting the requested loan amount with a full-term, interest-only, competitively priced loan product made this deal work,” said Ortlip. “Plus our ability to lock rate quickly combined with speed and certainty of execution enabled us to meet both the buyer’s and seller’s timing needs.”

Built in 1985, the garden-style apartment community is comprised of 37 buildings located on 40.69 acres in the Princeton MSA.  The property’s unit mix of one- and two-bedroom units is located in a park-like setting. Community amenities include an outdoor swimming pool with sundeck, children’s wading pool, playground, tennis courts, a volleyball court and a jogging trail.

Charlotte, N.C.-based Grandbridge has a broad investor base that includes insurance companies, pension fund advisors, CMBS lenders, commercial banks and capital markets investors, as well as a proprietary lending platform. The company, a wholly-owned subsidiary of BB&T, is a Fannie Mae DUS lender, a Freddie Mac Program Plus® Seller/Servicer, and 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 servicing portfolio of $26.13 billion representing nearly 100 capital providers. More information about Grandbridge and its full line of products and services is available at www.gbrecap.com.