Grandbridge Funds Texas Multifamily Transaction

Published On: 07.08.09

Lakewood Apartments

HOUSTON—Grandbridge Real Estate Capital LLC (Grandbridge) recently funded a first mortgage secured by Lakewood Apartments, a 256-unit, Class B garden-style multifamily community in Tomball, Texas. The fixed-rate acquisition originated by John Fenoglio on behalf of Tomball Apartment Company, LLC, was funded by Grandbridge and sold to Fannie Mae under its DUS® program.

The property is located at 11000 Gatesden Drive, Tomball, Texas, on the northwest side of Harris County approximately five miles off Beltway 8 (Sam Houston Parkway) on the boundary of Houston and Tomball. The community’s 227,216 square feet of net rentable area features an average unit size of 888 square feet and an excellent amenity package, offering residents five different one- and two-bedroom floor plans ranging from 587 to 1,283 sf. The well-maintained community was 94 percent occupied at closing.

The borrower, an experienced and well-established owner who currently owns an additional luxury apartment complex in close proximity to the Lakewood location, was motivated to close quickly. Grandbridge, along with Fannie Mae, was able to facilitate a closing less than 45 days from the time of application.

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 an active participant in FHA-insured loan products as a MAP-approved (Multifamily Accelerated Processing) and LEAN-approved healthcare lender.

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 in excess of $24 billion representing nearly 100 capital providers.

With $143.4 billion in assets, Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT) is the nation’s 10th largest financial holding company. Founded in 1872, 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
John Fenoglio
Grandbridge SVP
713.993.1340

MEDIA

Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139