Grandbridge Finances $2,250,000 Retail Property in Uptown, Minneapolis, Minn.

Published On: 06.19.13

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $2,250,000 first mortgage loan secured by 11,750 square feet of retail space in the heart of the Uptown area of Minneapolis, Minn.  The retail component is part of the larger mixed-use Lumen on Lagoon project. The property also contains four floors of condominium units above the retail and underground parking below. This refinance transaction was originated by Minneapolis-based Tony Carlson.  

Funding for the loan was provided by a life insurance company and featured a fully amortizing term of 15 years.  The loan closed with an interest rate in the low four percent range, enabling the borrower to pay off a traditional short-term loan, replacing it with a permanent, fixed rate for all 15 years.
“Grandbridge successfully worked with the borrower and lender to structure a transaction that met the borrower’s specific needs. The borrower wanted to lock in today’s low interest rates for the duration of the loan and not have to worry about interest rate risk three, five, or 10 years from now.  We successfully worked with the borrower and lender to eliminate that risk and structured the transaction to lock their rate for the fully amortizing 15-year term,” explained Carlson.

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 Freddie Mac Program Plus® Seller/Servicer, Fannie Mae Delegated Underwriting and Servicing (DUS®) lender 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.    

About BB&T

BB&T (NYSE: BBT) is one of the largest financial services holding companies in the U.S. with $181 billion in assets and market capitalization of $22.0 billion, as of March 31, 2013. Based in Winston-Salem, N.C., the company operates 1,842 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.