Grandbridge Funds Manufactured Home Community through Fannie Mae DUS

Published On: 04.25.08

Sunrise Pass Estate

BIRMINGHAM, ALA.—Grandbridge Real Estate Capital recently funded a $4,575,000 first mortgage loan secured by Sunrise Pass Estates, a manufactured home community in Barstow, California. The five-year, fixed-rate refinance, based on a 30-year amortization, closed with an interest rate of 5.03%, a loan-to-value of 75% and debt service coverage of 1.20. Proceeds from the loan, sold by Grandbridge to Fannie Mae under the standard DUS program, retired the existing debt, paid closing costs and returned a portion of the borrower’s equity.

Built in 1978, Sunrise Pass Estates is an all-age, 161-site manufactured home community situated on 20.46 acres in San Bernardino County, California, approximately 100 miles northeast of Los Angeles. The property features a clubhouse, swimming pool, spa, billiards room, laundry facility and basketball courts. At closing, the property was 89.44% occupied. Millennium Pacific Asset Management, Inc., involved in acquisition, disposition and project and property management of real estate in southern California for more than 40 years, manages the community.

“Grandbridge was pleased to provide Fannie Mae DUS financing for Sunrise Pass Estates, which is an older community occupied by a wide range of residents, including working families, retirees and white-collar professionals. Sunrise has limited amenities, but is a well-managed community. This fixed-rate, nonrecourse loan demonstrates that outstanding terms offered through a Fannie Mae DUS loan are available for a broad spectrum of well-operated manufactured home communities,” explained Grandbridge Senior Vice President Chris Dyson.

Mr. Dyson and his commercial loan origination team member, Vice President Todd Elkins, based in the company’s Birmingham, Ala., office, are considered experts in manufactured home community financing nationwide. Grandbridge’s Birmingham office was recently ranked as the number one commercial real estate mortgage banking firm in the area.*

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation (NYSE: BBT) principal subsidiary Branch Banking and Trust Company, is one of the largest full-service commercial and multifamily mortgage banking companies in the nation. Grandbridge is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer and an active participant in multifamily products insured by the Federal Housing Administration (FHA). With a current servicing portfolio of more than $21 billion, representing 96 capital providers, Grandbridge is an S&P “Above Average” rated servicer.

Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, arranges permanent commercial and multifamily real estate loans, services loan portfolios, and provides asset and portfolio management as well as real estate brokerage services on a national basis. The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks as well as a proprietary lending platform—enabling Grandbridge to close more than 1,000 transactions in 2007.

With $132.6 billion in assets and nearly 1,500 financial centers in 11 states and Washington, D.C., Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT) is the nation’s 14th largest financial holding company. More information about the company is available at BBT.com.

* The Commercial Real Estate / Multifamily Finance Firms: Annual Originations Rankings report is a product of the Research and Economics staff of the Mortgage Bankers Association. The 2007 report included 124 national, regional and local commercial real estate mortgage banking firms.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

LOCAL

Chris Dyson
Senior Vice President / Grandbridge Loan Production
205.978.1843

MEDIA

Patricia Muse
Grandbridge Marketing
205.978.1139