Grandbridge Secures $4.61 Million in Debt and Equity for Suburban Chicago Office Acquisition

Published On: 10.28.11

MILWAUKEE — Grandbridge Real Estate Capital recently originated and closed debt and equity financing with an affiliate fund of Chicago-based Adams LaSalle Realty (ALR) for the acquisition of two adjacent office buildings in St. Charles, Illinois, an affluent western suburb of Chicago.  ALR acquired the distressed office asset, all cash and subsequently hired Grandbridge’s Milwaukee team to place debt and equity financing.  

Milwaukee-based Grandbridge Senior Vice President Jim Cope and Vice President Justin Nelson arranged the financing through one of Grandbridge’s insurance company correspondents. The financing is secured by the St. Charles Executive Park Office Center. Built in 2001, the two office buildings have a total 74,274 square feet and offer quality space with a modern and functional design to a wide variety of local tenants. ALR acquired the property which is approximately 50 percent occupied, providing an excellent value add opportunity to the ownership group. “The strong sponsorship and upside potential of the assets was an easy sell to the investor,” said Nelson.  

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, Seniors Housing and Targeted Affordable 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 $25.3 billion representing nearly 100 capital providers. More information about Grandbridge and its full line of products and services is available at www.gbrecap.com.