Grandbridge Closes $78.4 Million Multifamily Transaction in D.C.

Published On: 10.15.10

Senate Square AptWASHINGTON, D.C. — Grandbridge Real Estate Capital's Washington, D.C./Baltimore office originated and closed a $78,400,000 first mortgage loan secured by Senate Square Apartments, a 432-unit multifamily property located in Washington, D.C. Funding for the fixed rate acquisition loan was provided by Fannie Mae under its Delegated Servicing and Underwriting (DUS®) loan program.

The seven-year loan has a fixed rate featuring three years of interest-only followed by a 30-year amortization.  The borrower, pension fund advisor LaSalle Investment Management, purchased the property in the low-$150 million range.  Grandbridge Vice Presidents Paul Aanonsen and Jack Bauer arranged the financing on behalf of this client.

The high profile property is situated just four blocks from the U.S. Capitol building, across the street from the SEC headquarters and Union Station.  “The transaction had numerous challenges which included needed repairs, location, and easement issues, all of which we were able to overcome by working closely with Fannie Mae,” explained Jack Bauer.

As a Fannie Mae Delegated Underwriting and Servicing (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 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 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.