Grandbridge Secures $21 Million Mortgage for North Carolina Apartment Community

Published On: 06.15.11

MILWAUKEE, Wis. — Grandbridge Real Estate Capital recently originated and closed a $21,000,000 first mortgage loan secured by The Piedmont at Ivy Meadows. Located in Charlotte, N.C., the 372-unit Class A apartment community was built in 2001 and offers excellent access to the northeastern Charlotte area and the University of North Carolina–Charlotte.

Milwaukee-based Grandbridge Senior Vice President Jim Cope and Charlotte-based Senior Vice President Mike Ortlip arranged the financing. Funding for the transaction was provided through the Freddie Mac Capital Markets Execution (CME) product. The seven-year, interest-only mortgage carries a fixed rate below five-percent.

Grandbridge worked with the borrower and its affiliate, Mesirow Financial Institutional Real Estate’s Direct Investments group, to close the transaction in 40 days to accommodate a tight acquisition time frame. “This deal demanded and received incredible focus from every party involved, enabling us to meet a very aggressive time line,” said Cope.

About Grandbridge Real Estate Capital LLC

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 $24 billion and represents approximately 100 capital providers. More information about the company is available at

About BB&T

BB&T Corporation, headquartered in Winston-Salem, N.C., is among the nation's top financial-holding companies with $157 billion in assets and market capitalization of $19.1 billion (as of March 31, 2011). The company operates approximately 1,800 financial centers in 12 states and Washington, D.C. More information about BB&T and its full line of products and services is available at

About Mesirow Financial?Mesirow Financial Institutional Real Estate, Direct Investments provides institutional investors with access to compelling direct investment opportunities in the real estate market. Its parent company, Mesirow Financial, is a diversified financial services firm headquartered in Chicago. Founded in 1937, it is an independent, employee-owned firm with 1,200 employees in locations across the country and in London. The firm is well capitalized and has been consistently profitable, with capital of $299 million, revenues totaling $526 million for fiscal year 2010 and $55.4 billion in assets under management, of which $27.2 billion are in currency and commodities as of March 31, 2011. With expertise in Investment Management, Global Markets, Insurance Services and Consulting, Mesirow Financial strives to meet the financial needs of institutions, public sector entities, corporations and individuals. For more information about Mesirow Financial, please visit