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. The company is a Freddie Mac Optigo℠ lender, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $72.3 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.
Grandbridge Real Estate Capital is a subsidiary of Truist Bank, Member FDIC. Both are Equal Housing Lenders.
Loans are subject to credit approval. © 2020