Grandbridge Finances $2.6 Million Asheville, N.C., Class A Retail Property

Published On: 05.12.15

Greenville, S.C. – Grandbridge Real Estate Capital recently closed a $2,600,000 first mortgage loan secured by Merrimon Commons, a 10,500-square foot, Class A retail center in Asheville, N.C. Current retail tenants include Moe's Southwest Grill, Firehouse Subs, Sports Clips, and Massage Envy.

The refinance transaction, originated by Greenville, S.C.-based Bill Mattice and Phillip Cox, was funded through one of Grandbridge’s insurance company correspondent relationships and featured a 20-year term and 20-year amortization.

“Given the infill nature of this project and the high barrier to entry climate in the Asheville market, this asset is going to be a long-term hold for the ownership group. When the 10-year Treasury dipped below 1.85 percent, the project still had several months of construction remaining. Grandbridge was able to offer a forward rate lock that allowed the client to rate lock immediately to take advantage of the dip in rates and delay the closing until construction was complete. The clients are repeat borrowers in our office, and we sincerely appreciate them continuing to select us to handle their permanent finance needs,” Mattice 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 $186.8 billion in assets and market capitalization of $26.8 billion, as of Dec. 31, 2014. Based in Winston-Salem, N.C., the company operates 1,839 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.