Crowne at Live Oak Square
Grandbridge Arranged $31.5 Million South Carolina Multifamily Refinance
Grandbridge Real Estate Capital recently closed a $31,500,000 first mortgage loan secured by Crowne at Live Oak Square, a 282-unit multifamily community in Charleston, SC.
Funding for the permanent, fixed rate refinance was arranged through Freddie Mac’s Lease-Up Loan program designed for refinancing newly constructed properties. The nonrecourse financing was structured with an initial period of interest-only, an 11-year term and 30-year amortization.
Constructed in 2017, the Class-A multifamily property is comprised of 11 three- and four-story buildings on Charleston’s Johns Island. The 18.9-acre property is situated within a PUD, which features a retail center in front of the apartments. The center complements the community by providing restaurants and specialty retail.
Unit amenities include nine-foot ceilings, crown molding in living and dining areas, stainless steel appliances, European cabinets, and granite countertops. Residents also enjoy a resort-style swimming pool, sun deck, grill area and cabana, interactive health and athletic center, lounge area with multiple TVs, media center, hiking trails and scenic views, Wi-Fi, and pet spa and grooming station.
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.