Grandbridge Funds $21 Million Arkansas Multifamily Deal

Published On: 03.30.09

ATLANTA — Grandbridge Real Estate Capital LLC (Grandbridge) recently funded a $21,285,000 first mortgage secured by Lexington Park Apartments, a 288-unit, Class "A” multifamily apartment community in North Little Rock, Arkansas. The fixed-rate transaction funded by Grandbridge and sold to Fannie Mae under its DUS® program, closed with an interest rate in the mid-five percent range and carries a 10-year term with a 30-year amortization. Property amenities include a swimming pool, recreation area, clubhouse, parking garage and luxury appliances.

David Boerner, of Plunkett Boerner and Associates of Little Rock, Ark., referred the transaction to Vice President Alan Tapie in Grandbridge’s Atlanta office.

“The collaboration of Grandbridge and Plunkett Boerner and Associates enabled us to structure the right deal for a new client. Additionally, Grandbridge’s underwriting staff was able to execute an excellent rate and obtain loan approval in a timely manner. Timing in executing the permanent loan on a property just coming off construction and lease up was very important to the client due to instability of the market and rate movement,” explained Tapie.

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, has a broad investor base that includes insurance companies, pension fund advisors, commercial banks, and capital markets investors, as well as a proprietary lending platform.

Grandbridge is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved active participant in multifamily products insured by the Federal Housing Administration.

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services. Grandbridge has a servicing portfolio of approximately $24.9 billion representing nearly 100 capital providers.

With $152 billion in assets, BB&T Corporation is the nation’s 12th largest financial holding company. It operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

LOAN CONTACT

Alan Tapie
Grandbridge VP
678.244.9531

MEDIA

Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139