Grandbridge Arranges $25.38 Million Georgia Multifamily Refinance
Grandbridge Real Estate Capital recently closed a $25,388,000 first mortgage loan secured by Capella Apartments, a 320-unit multifamily community in Tucker, Ga.
Grandbridge Atlanta-based Senior Vice President Alan Tapie originated the refinance for a repeat client. The permanent, floating rate loan was funded through Freddie Mac. The nonrecourse financing was structured with an initial period of interest-only, a 10-year term and 30-year amortization.
“The Capella Apartments transaction was a refinance of a property that Grandbridge financed approximately two years ago for the original acquisition. The sponsors were successful in executing their business plan, creating significant value. The refinance allows the sponsors to recapitalize their investment, while also enabling them to enter into Freddie Mac’s Green Advantage program for specific upgrades that will create efficiencies with energy and water consumption at the property,” 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 Optigo℠ lender, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $29.5 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 U.S. with $227.7 billion in assets and market capitalization of approximately $35.6 billion, as of March 31, 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, N.C., the company operates more than 1,800 financial centers in 15 states and Washington, D.C., 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.