Grandbridge Finances $5 Million St. Cloud Multifamily Property

Published On: 08.15.13

Goetten's GroveMinneapolis, Minn.  —  Grandbridge Real Estate Capital recently closed a $5,000,000 first mortgage loan secured by Goetten’s Grove Townhomes and Apartments, a 121-unit multifamily property in St. Cloud, Minn. The 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 a fixed interest rate in the mid three percent range.  The interest rate was locked at application and the loan closed in under 60 days.  “The low interest rate environment enabled the borrower to significantly reduce their debt service payments while moving to a fully amortizing 15-year term,” stated Carlson.  The property features an indoor swimming pool, hot tub, and fitness center.

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 more than $26 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.