Grandbridge Funds $97.5 Million Manufactured Home Community Portfolio

Published On: 03.17.09

Ft. Lauderdale, Fla. — Grandbridge Real Estate Capital LLC recently funded a $97,516,200 first mortgage loan secured by a nine-property manufactured home community portfolio. The refinance of the properties, comprised of 2,943 home sites in Florida, was closed and funded by Grandbridge under the Fannie Mae DUS® MBS program. The five-year, fixed-rate debt, features a 30-year amortization factor. Proceeds from this transaction, originated by Grandbridge Vice President Paul Ahmed in the company’s Ft. Lauderdale office, were utilized to retire the existing debt, pay closing costs, and return a portion of the borrower’s equity in the transaction.

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

Paul Ahmed
Grandbridge VP
954.389.0805

MEDIA

Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139