Grandbridge Facilitates $4.9 Million Transaction on Two Georgia Multifamily Properties

Published On: 01.12.15

GREENVILLE, S.C. — Grandbridge Real Estate Capital recently closed a $4,900,000 loan secured by The Timbers Apartments and Heather Glen Apartments, multifamily communities located in Valdosta, Ga.

Funding for the refinance loan was arranged through Freddie Mac and featured a seven-year term, 30-year amortization and one year of interest-only.

“Our borrower purchased Heather Glen in 2011, which at the time was a bank-owned fractured condo development. We advised the borrower to purchase all units that had previously been sold so that once that occurred, and the property was successfully transitioned from condo units to rental apartment units, Grandbridge could arrange a Freddie Mac takeout. Demand was so strong for the rental units that the borrower developed an additional property known as The Timbers, both of which are now 100% occupied. Grandbridge combined the properties into one loan and structured the nonrecourse transaction with a seven-year, fixed rate on a 30-year schedule, with the first 12 months interest-only,” explained Mattice. 

About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its 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® lender, a Freddie Mac Program® Plus Seller/Servicer, and an approved FHA MAP and LEAN healthcare lender.

With a current servicing portfolio of more than $28 billion, Grandbridge, an S&P “Strong” rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Fannie Mae, Freddie Mac, Ginnie Mae, insurance companies, banks and more than 250 securitizations.

More information about the company is available at grandbridge.com.