Grandbridge Provides $43.55 Million in Financing for Atlanta Area Multifamily Properties

Published On: 03.16.16

ATLANTA — Grandbridge Real Estate Capital Senior Vice President Alan Tapie recently closed a $20,750,000 acquisition loan secured by a first mortgage on Brodick Hill Apartments, a 312-unit multifamily property in Lithia Springs, Ga.

The property features a free-form swimming pool with expansive sundeck, a fitness studio, tennis courts, grilling and picnic areas, car care facility, garages, privacy access gates and storage units.

Tapie also originated a $22,800,000 acquisition loan secured by a first mortgage on Ivy Commons Apartments, a 344-unit multifamily community in Marietta, Ga.

Ivy Commons Apartments offers residents a swimming pool, fitness center, business center, tennis courts, playground and controlled access gates.

“The properties were acquired by a repeat Grandbridge client. Grandbridge and Freddie Mac worked together to structure floating rate loans that achieved the borrower's desire for flexibility and low interest rate with an interest-only period,” said Tapie.

Funding for the variable-rate loans was provided through Freddie Mac’s Capital Markets Execution (CME) Multifamily loan product. The nonrecourse loans both featured an initial period of interest-only, 10-year loan terms and 30-year amortizations.

About Grandbridge Real Estate Capital LLC

Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its 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® lender, a Freddie Mac Program Plus® Seller/Servicer, and an approved FHA MAP and LEAN healthcare lender.

With a current servicing portfolio of more than $29 billion, Grandbridge, an S&P “Strong” rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Fannie Mae, Freddie Mac, Ginnie Mae, insurance companies, banks and more than 250 securitizations. For more information about Grandbridge, visit Grandbridge.com.

About BB&T

As of December 31, 2015, BB&T is one of the largest financial services holding companies in the U.S. with $209.9 billion in assets and market capitalization of $29.5 billion. Based in Winston-Salem, N.C., the company operates 2,139 financial centers in 15 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at BBT.com.