Grandbridge Finances $5.35 Million Jacksonville Multifamily Community

Published On: 03.20.14

MIAMI — Grandbridge Real Estate Capital recently closed a $5,356,000 first mortgage loan secured by Cross Creek Apartments, a 292-unit multifamily community in Jacksonville, Fla. This acquisition was originated by Miami-based Michael Balan. Funding for the loan was provided through one of Grandbridge’s CMBS relationships and featured a 10-year term and 30-year amortization.

“This transaction involved a complicated network of foreign investors. Based in Mexico, this borrower group has a track record of successful value add projects and has worked with the lender on previous investment property transactions, making both parties comfortable and confident with our deal,” stated Balan. The property features a clubhouse, laundry facilities, pool and playground.

About Grandbridge Real Estate Capital LLC
Grandbridge Real Estate Capital arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. With a current servicing portfolio of more than $28.5 billion Grandbridge represents approximately 100 capital providers.

Based in Charlotte, N.C., 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. More information about the company is available at www.grandbridge.com.