Grandbridge Secures $30.75 Million Mortgage for Atlanta Apartments

Published On: 04.03.12

MILWAUKEE — Grandbridge Real Estate Capital recently originated and closed a $30,750,000 first mortgage loan, which was completed in conjunction with Mesirow Financial Institution Real Estate’s Direct Investment group, for the acquisition of Biltmore Apartments, a 276-unit residential community located within the Midtown Mile of Atlanta, Georgia. The mid-rise apartment community features a rooftop terrace with an outdoor fireplace, an elegant courtyard with a fountain and grilling areas, and a fully equipped fitness center.

Milwaukee-based Grandbridge Vice President Debe Storts arranged the financing through Grandbridge’s Freddie Mac CME lending group. The loan is a seven-year term fixed rate mortgage that carries a rate near four percent. 

"Mesirow Financial Institutional Real Estate's Direct Investment group is pleased to participate in this transaction, and is looking forward to contributing to the enhancement of the Midtown Mile of Atlanta," said Alasdair Cripps, senior managing director and head of the Direct Investment team.

Charlotte, N.C.-based Grandbridge has a broad investor base that includes insurance companies, pension fund advisors, Commercial Mortgage-Backed Securities 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 $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.