Grandbridge Finances $4.8 Million Minnesota Multifamily Community

Published On: 10.23.14

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $4,800,000 first mortgage loan secured by a 75-unit apartment complex in Eden Prairie, Minn. Minneapolis-based Tony Carlson originated the refinance transaction.

Funding for the fixed rate loan was provided by a life insurance company and featured a fixed rate for the 10-year term with a 20-year amortization. The loan required no personal guaranty and closed with an interest rate below four percent. The borrower utilized loan proceeds to retire existing recourse debt.

Grandbridge successfully worked with the borrower and lender to structure the transaction to meet the borrower’s objectives. This enabled the borrower to accomplish all of his refinance goals including fixing the rate for a 10-year term at a low interest rate.

“The loan funded on time and met our repeat client’s timing objectives,” explained Carlson. The garden style community, a mix of very spacious one-, two-, and three-bedroom units, 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 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 of almost $30 billion and represents approximately 100 capital providers. More information about the company is available at
www.grandbridge.com.