Grandbridge Finances $4.8 Million Affordable Multifamily Community

Published On: 08.02.12

WASHINGTON, D.C. — Grandbridge Real Estate Capital recently originated and closed a $4,832,000 first mortgage loan secured by Congdon Mill Apartments, a 67-unit affordable multifamily property in Paterson, New Jersey. The 15-year targeted affordable housing multifamily loan closed with an interest rate of 6.056 percent and 35-year amortization.
Washington, D.C.-based Senior Vice President Paul Aanonsen and Senior Vice President Jack Bauer arranged the refinance through Freddie Mac.

“This was a refinance of a nine percent tax credit deal,” said Aanonsen. “Working with Freddie Mac, we were able to overcome environmental, flood zone and off-site parking issues.”

The property, originally constructed as a manufacturing mill in 1907, is located on the Passaic River in the heart of the Great Falls Historic District, just a few blocks from the city’s downtown central business district.

“All units have high ceilings and are considered over-sized. Each unit features high-end finishes and appliances such as include granite counter-tops, stainless steel appliances, wood floors and exposed brick walls,” said Aanonsen. “The property was 100 percent occupied at closing.”

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 Freddie Mac Program Plus® Seller/Servicer, a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, 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.