Grandbridge Secures $10 Million Mortgage for West Allis Apartments

Published On: 04.09.12

MILWAUKEE - Grandbridge Real Estate Capital recently originated and closed a $10,000,000 first mortgage loan secured by Lincoln Crest Apartments, a 330-unit residential community located on the western edge of the city of West Allis, Wisconsin.  The apartment community amenities include two heated outdoor pools, a playground, basketball court, tennis court, and a fitness room.  The loan was placed for the Wisconsin-based, Lincoln Crest Apartments, L.L.P.

Milwaukee-based Grandbridge Vice President Debe Storts arranged the 10-year term fixed rate financing through Grandbridge's Fannie Mae Delegated Underwriting and Servicing (DUS®) loan product. The financing closed with an interest rate in the mid four percent range.     

Charlotte, N.C.-based Grandbridge has a broad investor base that includes insurance companies, pension fund advisors, CMBS lenders, commercial banks and capital markets investors, as well as a proprietary lending platform.

The company, a wholly-owned subsidiary of BB&T, is a Fannie Mae DUS lender, a Freddie Mac Program Plus® Seller/Servicer, and a Multifamily Accelerated Processor (MAP) and LEAN healthcare approved active participant in products insured by the Federal Housing Administration (FHA). 

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. Grandbridge has a servicing portfolio of more than $26 billion representing nearly 100 capital providers. More information about Grandbridge and its full line of products and services is available at www.gbrecap.com.