Grandbridge Provides Financing for the Acquisition and Renovation of 1776 Peachtree

Published On: 01.27.16

ATLANTA — Grandbridge Real Estate Capital closed a $25,240,000 acquisition loan secured by the first mortgage on 1776 Peachtree, a 215,000 square foot office building located on Peachtree Road in Atlanta, Ga.

A landmark on the Peachtree Road corridor in Buckhead, 1776 Peachtree was built in 1963 and renovated in 1998. The borrower plans renovate/reposition the property into a modern and attractive office environment that will appeal to firms seeking high-quality office space in a prime urban location.

Atlanta-based Senior Vice President Tom Walsh and Assistant Vice President Thomas Wiedeman originated the acquisition loan.

Funding for the loan was provided through BB&T Real Estate Funding, Grandbridge’s exclusive proprietary lending platform. The nonrecourse loan featured a two-year interest-only period, an adjustable interest rate below 3.5 percent and future funding for leasing and renovation. Due to timing constraints, the transaction closed within 20 days of receiving a signed term sheet.

“Grandbridge secured a floating rate loan that provides the borrower with an attractive sub-3.5 percent interest rate, future funding for renovations, tenant improvements and leasing commissions, as well as partial interest-only and a flexible prepayment structure. The borrower had to move quickly to the closing table and our proprietary lending platform worked diligently to close the transaction within 20 days of receiving a signed term sheet,” said Walsh.

After the planned renovation, the building will feature exposed ceilings, lobby and common area upgrades, two rooftop deck common areas, a fitness center and locker room, street level restaurants and building façade upgrades.

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.