Grandbridge Funds $26.8 Million South Carolina Multifamily Construction through FHA

Published On: 06.06.11

CHARLOTTE, N.C. — Grandbridge Real Estate Capital recently closed a $26,801,800 first mortgage loan secured by the Gregorie Ferry Landing Apartments, a proposed 240-unit, Class “A” mid-rise multifamily property located in Mount Pleasant, South Carolina. The 40-year construction/development loan features a 40-year amortization. Funded through FHA’s 221(d)(4) loan product, the transaction was originated by Charlotte, N.C.-based Senior Vice President Mike Ortlip and Vice President Josh Davis.

Located in the Charleston Metropolitan Statistical Area (MSA), the four, four-story apartment buildings will feature 11,404 square feet of rentable ground level retail and office space, a 1,500 square feet leasing office/laundry facility, a 750 square foot fitness room and a 750 square foot media/gaming room.

The secure, gated community’s convenient access to historic downtown Charleston and the city’s Central Business District (CBD), as well as the area’s outstanding beaches at Isle of Palms and Sullivan’s Island, just a short 10-minute drive away, makes the property an attractive housing option for professionals and families.

Additional community amenities include 32 detached garages, a resort-style pool with sundeck and a sand volleyball court. Internet Wi-Fi will be available in the business center as well as poolside.

The 10.6 acre apartment community is part of a larger approximately 23-acre planned mixed-use development that will feature seven outparcels for development or sale. The entire property has received the zoning designation of Planned Development (PD).

“A great team of professionals all around made this deal possible. The HUD 221(d)(4) loan process requires a combination of hard work, the right timing and the right team to make the deal work,” explained Grandbridge Senior Vice President Mike Ortlip. “The borrower, Tony Berry, with the Berry Company, along with the Samet Corporation, a general contracting firm represented by Arthur Samet, David Greene and Alton Tew, and Grandbridge’s FHA Underwriting team lead by Senior Vice President Tim Duncan, all worked together, bringing their unique expertise to the process. This was the first 221(d)(4) transaction in South Carolina to be approved by HUD’s new national loan committee.”

About The Berry Company

South Carolina native Tony Berry founded the land development company Manchester Associates, LLC in 1995 to pursue the development of Manchester Village. Following a decade of successful developments, Manchester Associates, LLC was rebranded The Berry Company in 2007 to better reflect the company’s significant growth and wider scope. Two of The Berry Company’s highest profile developments, Manchester Village and Millwood Plantation, are widely considered to have raised the bar for development in the Rock Hill area. For more information on The Berry Company, visit info@tbcdev.com.

About Samet

Samet Corporation is a full-service, midsize general contractor and real estate development firm with 50 years of experience exceeding clients’ expectations across a broad range of industries. The company’s project portfolio includes numerous industrial, office, medical, retail, educational, multi-unit residential, religious, and civic facilities. Samet has offices in Greensboro, NC and Charlotte, NC. They have been ranked the second largest Triad general contractor and the fifth largest Triad commercial property management firm by The Business Journal of the Greater Triad Area. For more company information, visit www.sametcorp.com.

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 (Delegated Underwriting and Servicing) lender, a Freddie Mac program Plus Seller/Servicer and Targeted Affordable Housing lender, and an approved FHA Multifamily Accelerated Processor (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 $24 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.

About BB&T

As of March 31, 2011, BB&T is one of the largest financial services holding companies in the U.S. with $157 billion in assets and market capitalization of $19.1 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.