Grandbridge Minneapolis Finances $26.2 Million Multifamily Property in Chicago Suburb
Grandbridge Real Estate Capital recently closed a $26,200,000 first mortgage loan secured by a 308-unit multifamily property in Lisle, Illinois.
Minneapolis-based Ben Fazendin originated the permanent, fixed-rate transaction.
Funding for the refinance was arranged through Fannie Mae’s DUS ® loan program. Grandbridge successfully worked with the borrower and Fannie Mae to structure the 10-year, nonrecourse loan with several years of interest-only payments. This collaborative relationship enabled the borrowers to accomplish all of their refinancing goals, including returning a portion of equity to the principals.
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