Grandbridge Provides $39.44 Million in Multifamily Financing
Grandbridge Real Estate Capital closed $39,441,000 in acquisition funding secured by Belara Apartments, a 182-unit community in Atlanta, and Capella Apartments, a 320-unit property in Tucker, Ga.
Atlanta-based Senior Vice President Alan Tapie originated both transactions.
A repeat Grandbridge client acquired Belara Apartments, located in the North Druid Hills area of Atlanta.
“Grandbridge arranged funding of the $20,241,000 permanent loan through Freddie Mac's Capital Markets Execution SM (CME) multifamily loan product, enabling us to structure the nonrecourse loan with an initial period of interest-only, 10-year term and 30-year amortization,” stated Tapie. “Grandbridge and Freddie Mac worked together to structure the floating rate loan to deliver a low interest rate, flexibility and long, initial interest-only period,” Tapie said.
The same repeat borrower acquired Capella Apartments, located in Tucker, Ga.
Funding for the floating-rate loan was provided through Freddie Mac’s Early Rate-Lock option. The nonrecourse loan featured an initial interest-only period, a 10-year term and 30-year amortization.
“Again, working closely with Freddie Mac, we structured a floating rate loan to meet the borrower’s desire for flexibility while providing a low interest rate with an interest-only period,” Tapie said.
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.