Grandbridge Secures $14.4 Million Mortgage for Net-Leased Walgreens Portfolio Refinance

Published On: 02.09.12

MILWAUKEE, Wis. — Grandbridge Real Estate Capital recently originated and closed three first mortgage loans totaling $14,442,000, secured by three Walgreens in the New Orleans metro area. These transactions included the refinance of existing insurance company debt, the refinance of CMBS debt with defeasance, and the refinance of a construction loan with a leasehold interest subject to an unsubordinated ground lease.

Milwaukee-based Grandbridge Vice President Mikko Erkamaa arranged the financing for these properties through an investment bank. Each self-amortizing loan has a 25-year term with a fixed rate slightly above five percent.  Mr. Erkamaa was assisted by Senior Real Estate Analyst Dean Huber.  “By utilizing our extensive knowledge of net leased financing, we were able to close all three loans simultaneously within the borrower’s closing timeline, despite the defeasance and leasehold interest complexities,” said Mr. Erkamaa.

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 Delegated Underwriting and Servicing (DUS®) lender and a Freddie Mac Program Plus® Seller/Servicer and Seniors Housing lender. Grandbridge is also 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 $25.7 billion representing nearly 100 capital providers. More information about Grandbridge and its full line of products and services is available at www.gbrecap.com.