Grandbridge Arranges $15.2 Million Orlando Retail/Office Refi
Grandbridge Real Estate Capital recently closed a $15.2 million first mortgage loan secured by Waterford Park, an unanchored mixed-use retail/office center, located in Orlando, Florida.
Grandbridge Greenville, S.C., office co-managers Bill Mattice and Phillip Cox originated the transaction on behalf of a long-term, repeat client.
The permanent, fixed rate refinance loan was funded through one of Grandbridge’s insurance company correspondents and structured with a 20-year fixed rate term and 20-year amortization.
The 108,599 square foot, Class A property is a two-story, multi-tenant office/retail building in the robust West University submarket of Orlando. The borrower acquired the property in 2012 and has a strong track record of purchasing, re-modeling, re-branding, and re-leasing under-performing retail centers. They have executed their business plan and upgraded the tenant mix to include Bonefish Grill, BB&T, Florida Radiology and Mini ER, Orange Theory Fitness, and Keller Williams, and current occupancy is up to 94%.
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, NC, Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its 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 Multifamily Approved Seller/Servicer for Conventional and Seniors Housing, a Fannie Mae DUS ® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $29 billion, Grandbridge, an S&P "Strong" rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations.
BB&T is one of the largest financial services holding companies in the US with $222.7 billion in assets and market capitalization of $39.1 billion as of June 30, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, NC, BB&T operates more than 1,900 financial centers in 15 states and Washington, DC, and is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.