Grandbridge Funds Over $40 Million in Ohio Multifamily

Published On: 08.28.08

COLUMBUS, OHIO—The Columbus, Ohio office of Grandbridge Real Estate Capital LLC recently closed $40,161,500 in first mortgage loans secured by four multifamily properties in Ohio.

RidgeThe $7,300,000 refinance of The Ridge at Chestnut Hill, a 150-unit, Class “A” apartment community in Columbus, Ohio, was funded by Grandbridge and sold to Fannie Mae under its DUS® Early Rate Lock (ERL) program. Proceeds from the transaction were used to pay off existing debt and return a portion of the borrower’s equity. The fixed-rate loan carries a 10-year term with an interest-only period in years one and two, followed by a 30-year amortization schedule. Built in 1999, the property is comprised of 10 buildings on 12.5 acres. Community amenities include high-speed Internet access, an outdoor swimming pool and sundeck, laundry facility and garage and storage facilities.

SpringburneAlso recently funded in Columbus, Ohio, was a $9,487,500 first mortgage loan secured by Springburne Apartments, a 224-unit seniors-oriented multifamily community. The 10-year, fixed-rate refinance features a 30-year amortization schedule. 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 1986, the 12.59-acre property is comprised of 28 spacious garden-style buildings with a variety of floor plans, with fireplaces in most apartments. Each unit is single-story constructed and features private entries. Community amenities include a swimming pool, on-site laundry facility, clubhouse and courtyard.

Fixed-rate, first mortgage loans on Karric South Apartments and Karric North Apartments in Dublin, Ohio, which funded at $8,130,000 and $15,244,000 respectively, were originated by the Grandbridge Columbus team. Proceeds from both loans, 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.

KarricKarric South, a 190-unit seniors-oriented multifamily community built in 1986, is comprised of 25 single-story walk-up buildings located on 11.63 acres. In addition to a 2,000 square foot clubhouse, amenities to the property include a swimming pool and on-site laundry facility with select one- and two-bedroom units featuring fireplaces.

The adjoining property, Karric North is a 350-unit senior-oriented “garden style” community also built in 1986. Located on 23.12 acres, Karric North is comprised of 46 ranch-style buildings with a variety of floor plans and private entries. Amenities to the property include a clubhouse, two outdoor swimming pools, and a large courtyard with barbeque grills.

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved 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 more than $22 billion representing 96 capital providers. It closed more than 1,000 transactions in 2007.

With $136.4 billion in assets, BB&T Corporation (NYSE: BBT) is the nation’s 14th largest financial holding company. It operates nearly 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 CONTACTS

Ted Schmidt
Grandbridge SVP
614.358.4102

David Poe
Grandbridge VP
614.358.4112

MEDIA

Patricia Muse
Grandbridge Marketing
205.978.1139