Collier Ridge Apartments
Grandbridge Arranges $41.43 Million Atlanta Multifamily Acquisition
Grandbridge Real Estate Capital recently closed a $41,433,000 first mortgage loan secured by Collier Ridge Apartments, a 300-unit multifamily community in Atlanta, Ga.
Grandbridge Atlanta-based Senior Vice President Alan Tapie and Assistant Vice President Thomas Wiedeman originated the acquisition.
“The floating rate loan was funded through Freddie Mac's Value-Add multifamily loan product, enabling us to structure the nonrecourse financing with 36 months of interest-only, and two, 12-month extensions. The structure was negotiated to accommodate the client’s upgrade plan,” stated Tapie. The transaction closed with an attractive interest rate and prepayment flexibility after the first year.”
“The property was purchased by a repeat Grandbridge client. Grandbridge and Freddie Mac worked together to complete value-add transaction at a maximum of 85 percent LTV. The deal also qualified for Green Up SM, one of Freddie Mac’s Green Advantage options, as numerous energy saving aspects were being implemented into the upgrade of the property,” Tapie said.
Property amenities include a fitness center, swimming pool, leasing center/clubhouse, dog park and tennis courts.
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.