Grandbridge Finances $3.85 Million Minn. Office/Warehouse Property

Published On: 10.20.15

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $3,850,000 first mortgage refinance secured by the Oxford Industrial Building, a 112,000 square foot office/warehouse property in St. Louis Park, Minn. The refinance was completed for an affiliate of Wildamere Properties, LLC. Minneapolis-based Tony Carlson and Brett Olson originated the refinance transaction.

Funding for the loan was provided through Minnesota Life Insurance Company, one of Grandbridge’s correspondent life insurance companies. The transaction featured a 10-year term and 20-year amortization, and closed with a fixed interest rate in the low four percent range. The loan required no personal guaranty and allowed the borrower to refinance their existing recourse debt and take advantage of today’s low interest rate environment.

“Grandbridge successfully worked with the borrower to structure a transaction that met the first-time client’s objectives. The borrower utilized a forward rate lock at application, which allowed them to lock in a low interest rate while eliminating a prepayment penalty on their existing loan. This successful working relationship enabled Grandbridge to fund the loan on time,” explained Olson.                            

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 $28.8 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

As of September 30, 2015, BB&T is one of the largest financial services holding companies in the U.S. with $208.8 billion in assets and market capitalization of $27.8 billion. Based in Winston-Salem, N.C., the company operates 2,150 financial centers in 15 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. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at BBT.com.