Grandbridge Finances $22 Million in Southern Hospitality

Published On: 09.15.12

CHARLOTTE, N.C. — Grandbridge Real Estate Capital recently closed three southern hospitality transactions. The first transaction was an $8,750,000 first mortgage loan secured by the Hilton Garden Inn, a 105-room, five-story full-service hotel located in Starkville, Miss. The refinance was originated by Birmingham, Ala.-based Assistant Vice President Steve Clikas. Funding for the fixed rate loan was provided by Cantor Fitzgerald CCRE, a CMBS investor. The 10-year permanent loan features a 25-year amortization and closed with an interest rate of 5.25 percent.

Greenville, S.C.-based Senior Vice President Phillip Cox originated and closed two hospitality transactions in Florence, S.C.  An $8,300,000 first mortgage loan secured by the Residence Inn, a 94-room hotel and a $4,950,00 first mortgage loan secured by SpringHill Suites, a 95-room property. Funding for both refinance transactions was provided by Citigroup Global Markets, a CMBS investor. In addition, both fixed rate loans were structured with 10-year terms and 25-year amortizations and closed with interest rates of 4.80 percent and 5.00 percent respectively.
 “Grandbridge’s wide range of capital sources enabled us to find the right loan product that fit each borrower’s specific circumstances and needs,” stated Cox.

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 $26 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.   

About BB&T

As of June 30, 2012, BB&T is one of the largest financial services holding companies in the U.S. with $178.5 billion in assets and market capitalization of $21.6 billion. Based in Winston-Salem, N.C., the company operates approximately 1,800 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 www.BBT.com.