Grandbridge Finances $7.7 Million Multifamily Housing Portfolio with Properties in Buffalo and Sartell, Minn.

Published On: 03.27.13

Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $7,700,000 first mortgage loan secured by two properties:  Hidden Cove Apartments, an 84-unit apartment complex in Buffalo, Minn., and Meadowlawn Village, a 95-unit apartment and townhome complex in Sartell, Minn. This refinance transaction was originated by Minneapolis-based Tony Carlson.  

Funding for the loan was provided through Fannie Mae’s Delegated Underwriting and Servicing (DUS®) loan product and featured a 10-year term, 30-year amortization and closed with a fixed interest rate. The loan required no personal guaranty and allowed the borrower to pay off the existing financing.

“Working with Fannie Mae, Grandbridge successfully structured the transaction to meet the borrower’s specific needs while adhering to Fannie Mae's guidelines. This successful working relationship enabled Grandbridge to meet our first-time client’s objectives and fund the loan on time,” explained Carlson.

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 Dec. 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 1,832 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.