Grandbridge Finances $70M Las Vegas Multifamily Communities

Published On: 06.01.15

Newport Beach, CA — Grandbridge Real Estate Capital recently closed two (2) first trust deed mortgages totaling $70,000,000 secured by two (2) contiguous, multifamily projects located in Las Vegas, Nev. Financing was arranged by Tom Kenny, Senior Vice President, and Josh Boehling, Vice President, both based in Grandbridge’s Orange County, Ca., office.

Funding for the fixed rate loans was provided through Fannie Mae’s DUS® loan product. Both loans featured a 15-year loan term with interest-only payments during the first five years followed by a 30-year amortization schedule. The interest rates for the transactions were locked at 3.93%.

Located just off U.S. Highway 95 and I-215 at Centennial Parkway in northwest Las Vegas, the newly built Class-A communities feature 739 units (1-, 2- and 3-bedroom models) and total 678,618 square feet of combined rentable space. The properties feature top of the market amenities including: state-of-the-art fitness centers, covered parking stalls, attached single-car garages, clubhouses with multiple meeting rooms, resort style pools with cabanas, and entertainment areas with outdoor fireplaces and gas grills. The open floorplans feature gourmet kitchens, spa-style baths, and outdoor patio/deck space with storage and in-unit washer/dryers.

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

With a current servicing portfolio of more than $28.6 billion, Grandbridge, an S&P “Strong” rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Fannie Mae, Freddie Mac, Ginnie Mae, insurance companies, banks and more than 250 securitizations. For more information about Grandbridge, visit Grandbridge.com. 

About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $189.2 billion in assets and market capitalization of $28.2 billion, as of March 31, 2015. Based in Winston-Salem, N.C., the company operates 1,875 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 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.