Boutique 28

Boutique 28

  • $10,460,000
  • 42 units
  • Refinance
  • Insurance company
  • Originated by Ben Fazendin

Grandbridge Finances $10.46 Million Multifamily Property in Uptown Neighborhood of Minneapolis, Minn.

Grandbridge Real Estate Capital recently closed a $10,460,000 loan secured by a Class-A, 42-unit multifamily property in the Uptown neighborhood of Minneapolis, Minn. Minneapolis-based Ben Fazendin originated the refinance transaction.

Grandbridge successfully worked with the borrower and a life insurance company to structure the transaction to meet the borrower’s objectives.

The transaction featured a 20-year, fixed rate nonrecourse loan with a 40-year amortization schedule. The structure returned some equity to the borrower shortly after stabilization.

“The loan funded on time and met our client’s timing objectives,” explained Fazendin. “The Class A property, located in the center of great multifamily market, leased up very quickly. The unique deal structure featuring a 40-year amortization schedule enabled the borrower to lock in strong returns for many years to come.”

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.

About BB&T

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.

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Grandbridge Real Estate Capital is a subsidiary of Branch Banking and Trust Company(opens in a new tab), Member FDIC. Both are Equal Housing Lenders. Equal Housing Lender