Grandbridge Finances $9.0 Million St. Cloud Multifamily Property

Published On: 01.02.14

Minneapolis, Minn.  —  Grandbridge Real Estate Capital recently closed a $9,000,000 first mortgage loan secured by a 150-unit  multifamily property in St. Cloud, Minn. This refinance transaction was originated by Minneapolis-based Vice President Tony Carlson

Funding for the fixed rate loan was provided by a life insurance company and featured a 15-year term, 15-year amortization and a fixed interest rate in the low three percent range.  The newly built property has recently stabilized and the permanent loan paid off the borrower’s construction loan.  The interest rate was locked at application and the loan was nonrecourse to the borrower.

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