Grandbridge Secures Funding for $7.5 Million Minnesota Office Complex

Published On: 02.02.12

MINNEAPOLIS, MINN. — Grandbridge Real Estate Capital recently originated and closed a $7.5 million permanent loan secured by Creekridge Circle Office Complex in Bloomington, Minnesota. The 81,617 square foot property is comprised of two, three-story Class A office buildings, Creekridge I and Creekridge II, situated on 4.85 acres near the Twin Cities’ I-494 corridor.

Minneapolis-based Grandbridge Vice President Tony Carlson arranged the financing through one of Grandbridge’s bank relationships. The strategic refinance structure allowed the borrower to consolidate debt from three loans into one, with an attractive low, fixed interest rate. The property, situated in a prime location with excellent access to the Mall of America, is 100 percent occupied with long-term tenants.

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, as well as 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 $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.