Grandbridge Finances $10+ Million Atlanta Area Shopping Center

Published On: 05.28.15

Grandbridge Real Estate Capital recently closed a first mortgage loan secured by a 109,586-square-foot grocery-anchored retail center in the Johns Creek area. 

 

Vice President Gerry Robbins originated the transaction. Funding for the acquisition loan was provided through one of Grandbridge’s insurance company relationships.

“I worked with the sponsor team and one of our correspondent lenders to facilitate the successful acquisition of this Publix-anchored center in the Johns Creek suburb of Atlanta. We faced several challenges, the first of which was this was a lender-owned property purchased at auction. The terms required the buyer to put up a +10-percent hard deposit from day one. The seller also required a 30-day close with minimal due diligence including no estoppels. To perform within the time and due diligence constraints, the sponsor needed a single capital source willing to provide a high-leverage structure as well as commitment to fund the transaction within days of seeing the deal initially. Also adding to the transaction’s challenges, the anchor of the center, Publix, had less than five years remaining on its lease and store sales at this location were below the national average for this tenant. 

Grandbridge quickly assessed the needs of the client, performed our own underwriting of the transaction and market conditions, then matched the client, deal, and circumstances with the appropriate capital source and worked with the team to facilitate a smooth underwriting and closing process. As a result of the team work exhibited by all, the lender was able to provide a commitment within 10 days of seeing the package and was ready to close within the 30-day time frame without issue,” Robbins said.

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 $28.5 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.

About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $189.2 billion in assets and market capitalization of $28.2 billion, as of March 31, 2015. Based in Winston-Salem, N.C., the company operates 1,875 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. More information about BB&T and its full line of products and services is available at
BBT.com.