Grandbridge Finances $5.56 Million Four-property Multifamily Apartment Portfolio in Minneapolis

Published On: 01.16.13

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $5,560,000 first mortgage loan secured by a four-property multifamily portfolio.  All four properties are located in Minneapolis, Minn., and include nine buildings totaling 122 units. Minneapolis-based Tony Carlson originated the refinance transaction.
Funding for the fixed rate loans was provided by Riversource Life Insurance Company. The loan featured a variety of characteristics including 10- and 15-year terms and 15- and 20-year amortization schedules. The loans required no personal guaranty and featured fixed interest rates in the low four percent range. Loan proceeds were used to retire existing debt.

Grandbridge successfully worked with the borrower and lender to structure transactions that met the unique funding objectives of each property. This enabled the borrower to accomplish all of his refinance goals in one funding, with one lender. 

“The loans funded on time and met our first-time client’s timing objectives as originally scheduled,” explained Carlson.  The properties, all of which were 100% occupied at closing, feature a variety of unit types and amenities.

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.   

About BB&T

As of December 31, 2012, BB&T is one of the largest financial services holding companies in the U.S. with $183.9 billion in assets and market capitalization of $20.4 billion. Based in Winston-Salem, N.C., the company operates approximately 1,830 financial centers in 12 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 J.D. Power and Associates, 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 www.BBT.com.