Brodick Hill Apartments
Grandbridge Provides $43.55 Million in Financing for Atlanta Area Multifamily Properties
Grandbridge Real Estate Capital Senior Vice President Alan Tapie recently closed a $20,750,000 acquisition loan secured by a first mortgage on Brodick Hill Apartments, a 312-unit multifamily property in Lithia Springs, Ga.
The property features a free-form swimming pool with expansive sundeck, a fitness studio, tennis courts, grilling and picnic areas, car care facility, garages, privacy access gates and storage units.
Tapie also originated a $22,800,000 acquisition loan secured by a first mortgage on Ivy Commons Apartments, a 344-unit multifamily community in Marietta, Ga.
Ivy Commons Apartments offers residents a swimming pool, fitness center, business center, tennis courts, playground and controlled access gates.
“The properties were acquired by a repeat Grandbridge client. Grandbridge and Freddie Mac worked together to structure floating rate loans that achieved the borrower's desire for flexibility and low interest rate with an interest-only period,” said Tapie.
Funding for the variable-rate loans was provided through Freddie Mac’s Capital Markets Execution (CME) Multifamily loan product. The nonrecourse loans both featured an initial period of interest-only, 10-year loan terms and 30-year amortizations.
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.