Grandbridge Finances $13.1 Million Minnesota Medical Office Portfolio

Published On: 12.17.12

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $13,100,000 first mortgage loan secured by a three-building medical office portfolio located in Minneapolis/St. Paul, Minn.  
Grandbridge Minneapolis Vice President Ben Fazendin and Assistant Vice President Brett Olson arranged the financing through one of Grandbridge’s bank relationships. The strategic refinance structure allowed the borrower to refinance two of the properties and acquire the third property in the portfolio.  Grandbridge successfully worked with the borrower and lender to structure a transaction that met the borrower’s investment objectives and closed the loan in 45 days to meet the acquisition timeline.  The $13,100,000 loan featured a fixed interest rate in the mid three percent range. 

About Grandbridge Real Estate Capital LLC

Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (BB&T), has a 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. Grandbridge 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 more than $30 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.   

About BB&T

As of September 30, 2012, BB&T is one of the largest financial services holding companies in the U.S. with $182.0 billion in assets and market capitalization of $23.2 billion. Based in Winston-Salem, N.C., the company operates approximately 1,850 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. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.