Grandbridge Finances $17 Million Construction/Perm Loan for Houston's Briar Club

Published On: 11.04.13

Houston, Texas — Grandbridge Real Estate Capital recently closed a $17,000,000 first mortgage loan secured by the iconic Briar Club, a 56,353 square foot private urban family focused recreational and social club inside the 610 Loop of  Houston, Texas.

Funding for the loan was provided through one of Grandbridge’s life insurance company correspondents and features a 15-year term and 36 months of interest-only payments followed by a 20-year amortization schedule.  The fixed interest rate for the entire term is five percent. The loan required no personal guaranty and allowed the borrower to consolidate debt and capitalize extensive planned renovations.

“Working with our correspondent, Grandbridge successfully structured the transaction to meet the borrower’s specific needs while adhering to lender guidelines. This transaction beautifully embodied a team effort.  The club, the lender, and Grandbridge Houston were able to work effectively together to structure the loan creatively and lock in a very low rate,” says Greg Young, senior vice president and Houston Office Co-manager.  “What an honor and privilege it was to represent one of the most prestigious clubs in Texas”.

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 almost $30 billion and represents approximately 100 capital providers. More information about the company is available at www.grandbridge.com.       

For additional information, please contact the Grandbridge Houston office at 713.993.1300.