Grandbridge Finances $18.0 Million Multifamily Property in Greater Minnesota

Published On: 05.19.15

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed an $18,000,000 first mortgage loan secured by a multifamily property in the Greater Minnesota area. Minneapolis-based Brett Olson and Chris Perry originated the refinance transaction.

Funding for the loan was provided by Freddie Mac and featured a 10-year term, 30-year amortization and closed with a fixed interest rate in the low four percent range. The loan required no personal guaranty and allowed the borrower to return a portion of equity to their investors and transition from recourse to a permanent 10-year nonrecourse loan.

“The loan funded on time and met our client’s financing objectives,” Olson said. “The property was 100 percent occupied at closing.” 

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.