Grandbridge Secures $10.3 Million Mortgage for Wisconsin Apartment Community

Published On: 11.15.11

MILWAUKEE, Wis. — Grandbridge Real Estate Capital recently originated and closed a $10,300,000 first mortgage loan secured by Lincoln Ridge Apartments.  Located in Madison, Wis., amenities at the 248-unit apartment community include a swimming pool, tennis courts and clubhouse with fitness center.

Milwaukee-based Grandbridge Vice President Debe Storts arranged the financing. Funding for the refinance transaction was provided through Lincoln National Life Insurance Company. The 10-year forward rate lock mortgage closed with an interest rate in the mid-five percent range.

Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (BB&T), has a 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 Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender, a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender and an approved FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare lender. 

Grandbridge arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. The company has a current servicing portfolio of more than $25.3 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.