Crowne at Timberline
Grandbridge Arranges $44 Million Colorado Multifamily Refinance
Grandbridge Real Estate Capital recently closed a $44 million first mortgage secured by Crowne at Timberline, a 310-unit multifamily community in Ft. Collins, Colo.
Grandbridge Birmingham, Ala.-based Senior Vice President William Silsbee originated the transaction for a repeat customer.
Funding for the permanent, fixed rate loan was arranged through one of Grandbridge’s correspondent insurance company lenders and featured a 10-year term, 30-year amortization, and an initial period of interest only. The loan closed with an interest rate in the mid three percent range. Proceeds from the loan will be used to pay off the construction loan.
The Class A community is situated in south Ft. Collins and affords residents spectacular views of the Front Range of the Rockies. Amenities include a media room, exercise room, business center, swimming pool and waterscape area, outdoor lounge area with fire pit and TVs.
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.