Grandbridge Finances $750,000 Calif. Industrial Property

Published On: 08.25.13

Los Angeles — Los Angeles-based Grandbridge Senior Vice President Shelley Magoffin and Assistant Vice President Kelly Haddigan Chou arranged a $750,000 permanent loan secured by a 13,220 square foot owner occupied industrial building in Federal Way, Wash.  The building is 100 percent leased by a concrete sawing company owned by the borrower.

The loan proceeds were all cash out and there were no impounds or reserves.  Terms of the refinance included a 10-year term and 20-year amortization.  The financing was provided by The Standard, one of Grandbridge’s correspondent lenders.

In addition to its warehouse/industrial area, the building also provides 3,570 square feet of air conditioned office space and a kitchen area. The 1.19 acre property is located along Federal Way’s retail corridor in the Seattle MSA.

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 Freddie Mac Program Plus® Seller/Servicer, Fannie Mae Delegated Underwriting and Servicing (DUS®) lender 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

BB&T is one of the largest financial services holding companies in the U.S. with $182.7 billion in assets and market capitalization of $23.8 billion, as of June 30, 2013. Based in Winston-Salem, N.C., the company operates 1,851 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.