Grandbridge Finances $5.3 Million Industrial Property in Grimes, Iowa

Published On: 07.25.16

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $5,316,000 first mortgage loan secured by Gateway Industrial Center, a Class-A, 182,000 square foot industrial property in Grimes, Iowa.

Minneapolis-based Ben Fazendin originated the acquisition financing.

Grandbridge successfully worked with the borrower and a correspondent life insurance company to structure the transaction to meet the borrower’s objectives. This collaborative relationship provided the borrower with a nonrecourse, 10-year loan with an interest rate in the mid three percent range. The borrower also required a lender willing to close the loan in three weeks.

“The loan funded on time and met our client’s financing objectives,” explained Fazendin. “The property was fully leased with strong tenants and we received very strong investor interest on the transaction.”

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 Freddie Mac Program Plus® Seller/Servicer, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.

With a current servicing portfolio of more than $29.7 billion, Grandbridge, an S&P strong rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations. More information about Grandbridge and its full line of products and services is available at Grandbridge.com.

About BB&T

As of June 30, 2016, BB&T is one of the largest financial services holding companies in the U.S. with $221.9 billion in assets and market capitalization of $29.0 billion. Based in Winston-Salem, N.C., the company operates 2,249 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.