Omaha Apartment Complexes
Grandbridge Completes Financing of Two Omaha Apartment Complexes Totaling $37 Million
Grandbridge Real Estate Capital recently closed two first mortgage loans secured by two apartment complexes consisting of 119 and 217 units in Omaha, Nebraska. This financing was originated by Minneapolis-based Vice Presidents Brett Olson and Dick Riley.
Funding for the fixed rate, nonrecourse loans was provided by a Grandbridge life insurance company correspondent and Freddie Mac. The life insurance company loan featured a 15-year term, 30-year amortization, and closed with an interest rate below four percent.
The Freddie Mac funded loan took advantage of the lease up program, allowing the borrower to lock rate and fund once the asset was 65 percent leased. In addition to the early funding, the loan featured an interest-only component and a closed with an interest rate of approximately four percent. Grandbridge facilitated a timely closing process in step with the borrower and lenders’ closing timeframes.
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.