Grandbridge Finances $25.5 Million Multifamily Property in Omaha, Neb.

Published On: 05.19.15

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $25,500,000 first mortgage loan secured by a 300-unit multifamily property in Omaha, Neb.  Minneapolis-based Dick Riley and Brett Olson originated and closed the refinance transaction.

Funding for the loan was provided by a Grandbridge correspondent life insurance company and featured a 10-year term, 30-year amortization, and closed with a fixed interest rate below four percent. Grandbridge successfully worked with the borrower and lender to structure the transaction to meet the borrower’s objectives. The loan required no personal guaranty and allowed the borrower to pay off the construction lender and transition from full recourse to a permanent 10-year nonrecourse loan.

“The loan allowed the borrower to eliminate interest rate risk by locking a low interest rate at loan application for four months as the property stabilized,” Riley said.

The property was originally built in 1958 as an office building and was completely renovated and redeveloped into a 300-unit, Class A apartment property. The property is 100 percent leased, primarily to downtown Omaha office workers and to Creighton graduate students and faculty.

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.