Grandbridge Finances Chapel Hill Student Housing Community

Published On: 09.22.12

CHAPEL HILL, N.C. — Grandbridge Real Estate Capital recently closed a $2,575,000 first mortgage loan secured by Howell Street Apartments, a 16-unit student housing community in Chapel Hill, N.C. The permanent fixed rate loan was originated by Raleigh-based Senior Vice President Bob Hukill. Funding for the refinance was provided by one of Grandbridge’s insurance correspondents. The 17-year loan features a 17-year amortization and closed with an interest rate of 4.65 percent.

“The borrowers were eager to fully amortize their debt at today’s low rates, making the lender’s unique ability to provide a 17-year fixed rate very attractive. Additionally, given the long-term nature of the transaction, the borrowers found the lender’s fixed and stepped-down prepayment structure very appealing,” explained Hukill.
“While student housing is a hot property type, Howell Street Apartments is an atypically configured student housing community. This property’s six bedroom/three bathroom unit configuration was a hurdle we were able to surmount by focusing on the property’s historical and current 100 percent occupancy rate, its close proximity to the University of North Carolina at Chapel Hill campus and the barriers to new property entries into the Chapel Hill market,” Hukill detailed.

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. More information about BB&T and its full line of products and services is available at www.BBT.com.