Grandbridge Finances $24 Million “Big House” Multifamily Community

Published On: 07.23.12

BIRMINGHAM, Ala. — Grandbridge Real Estate Capital recently originated and closed a $24,000,000 first mortgage loan secured by The Arlington at Eastern Shore Apartments, a 300-unit luxury multifamily property in Spanish Fort, Ala. The 10-year permanent, fixed rate loan closed with an interest rate under four percent and 30-year amortization.

Funded through Fannie Mae’s Delegated Underwriting and Servicing (DUS®) loan product, the refinance was originated by Birmingham, Ala.-based Assistant Vice President Steve Clikas.

“Built in 2009, the 24-building property is the only Big House® apartment community in Alabama. The Big House design concept, created by Humphreys & Partners Architects, has been very well received nationwide,” said Clikas.

Each multi-unit building looks like a luxury single family home with an attached garage. This type of exterior design gives the property a neighborhood feel that blends well within high-end communities.

Property amenities to the gated community include a clubhouse with WiFi, an exercise facility, coffee bar and indoor basketball court. The 25-acre property features a large pond, swimming pool with a large sun deck, and a car care center. All apartments, a mix of one-, two- and three-bedroom units, have private entries with no common hallways, nine-foot ceiling height, garden tubs, eat-in kitchens and high end appliances.

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 Multifamily Accelerated Processor (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 $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