Grandbridge Finances $6.85 Million Alabama BB&T Centre Building

Published On: 08.31.12

MOBILE, ALA. — Grandbridge Real Estate Capital recently closed a $6,850,000 first mortgage loan secured by the BB&T Office Centre, a 70,819 square foot multi-tenant office building in Mobile, Ala. The acquisition was originated by Mobile-based Senior Vice President Richard Brinson. Funding for the fixed rate loan was provided by Sun Life of Canada.

The 10-year permanent loan features a 25-year amortization and closed with an interest rate of 4.1 percent.

Built in 1996, the four-story property is one of the largest and most noticeable office buildings in Mobile’s Midtown Commercial District. Conveniently located with visibility and access to nearby 1-65, the building houses several long-term tenants, one of which is BB&T.

“Grandbridge’s wide range of capital sources enabled us to find the right loan product that fit the borrower’s specific circumstances and needs,” stated Brinson.

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.   

About BB&T

As of June 30, 2012, BB&T is one of the largest financial services holding companies in the U.S. with $178.5 billion in assets and market capitalization of $21.6 billion. Based in Winston-Salem, N.C., the company operates approximately 1,800 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. More information about BB&T and its full line of products and services is available at www.BBT.com.