Grandbridge Finances $25.57 Million Tallahassee Hospitality Property

Published On: 07.02.15

Greenville, S.C. – Grandbridge Real Estate Capital recently closed a $25,575,000 first mortgage loan secured by the Doubletree by Hilton, a 243-room hotel in Tallahassee, Fla.

Located in the heart of downtown, within walking distance of the Florida Capitol Building, Florida State University and Florida A&M University, guests have access to the property’s full service bar and restaurant, banquet and meeting rooms, fitness facilities, swimming pool and structured parking garage.

The refinance transaction, originated by Greenville, S.C.-based Bill Mattice and Phillip Cox, was funded through one of Grandbridge’s CMBS correspondent relationships.

“Bill and his team were great to work with. Their professionalism and attention to detail made the closing process smooth and kept costs down," said Doubletree owner J.T. Burnette.

“The Doubletree by Hilton Tallahassee is an iconic hotel site two blocks from the Florida Capitol Building. The borrower was able to acquire the property in 2014 at an attractive basis and felt this was irreplaceable real estate. Hilton Hotels also recognized the value of this location, and the borrower was able to secure a new long-term franchise agreement from Hilton. The purpose of the loan was to replace existing short-term acquisition financing with nonrecourse, long-term debt and provide additional proceeds to allow borrower to make enhancements to the property so it will remain Tallahassee’s finest hotel for years to come,” Mattice said.

“The CMBS market can change rapidly. With that in mind, we identified Goldman Sachs as the best capital provider to deliver the loan structure our borrower needed. Goldman’s acumen in the hotel space, and their willingness to take the time to understand the story behind the borrower’s future property plans were the primary reasons behind their selection. Bill and I are pleased this repeat client chose to come back to us for the third time, and we look forward to seeing the continued success of the Doubletree by Hilton Tallahassee,” Cox 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 $28.6 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. For more information about Grandbridge, visit Grandbridge.com.

About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $189.2 billion in assets and market capitalization of $28.2 billion, as of March 31, 2015. Based in Winston-Salem, N.C., the company operates 1,875 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.