Grandbridge Finances $3.8 Million St. Cloud Multifamily Property

Published On: 10.15.13

Minneapolis, Minn.  — Grandbridge Real Estate Capital recently closed a $3,800,000 first mortgage loan secured by a 97-unit multifamily property in St. Cloud, Minn. This refinance transaction was originated by Minneapolis-based Vice President Tony Carlson.  

Funding for the fixed rate loan was provided by a life insurance company and featured a 15-year term, 15-year amortization and closed with an interest rate in the low three percent range.  

The interest rate was locked at application and the loan carried a forward rate lock to facilitate the October closing date.  The low interest rate environment enabled the borrower to significantly reduce the debt service payments while moving to a fully amortizing nonrecourse loan.

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 almost $30 billion and represents approximately 100 capital providers. More information about the company is available at grandbridge.com.    

About BB&T

As of June 30, 2013, BB&T is one of the largest financial services holding companies in the U.S. with $182.7 billion in assets and market capitalization of $23.8 billion. Based in Winston-Salem, N.C., the company operates 1,851 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.