Park at 1875
Grandbridge Arranges $47.52 Million Georgia Multifamily Green Refinances
Grandbridge Real Estate Capital recently closed a $29,522,000 first mortgage loan secured by Ivy Commons Apartments, a 344-unit multifamily community in Marietta, Ga., part of the Atlanta-Sandy Springs-Roswell Metropolitan Statistical Area (MSA).
Also closed was an $18,000,000 first mortgage loan secured by Parc at 1875, a 352-unit multifamily property in Atlanta, Ga.
Grandbridge Atlanta-based Senior Vice President Alan Tapie and Assistant Vice President Thomas Wiedeman originated the transactions. Funding for each of the transactions was provided by Freddie Mac’s Capped ARM loan product and featured an initial period of interest-only, 10-year terms and 30-year amortizations, closing with interest rates in the low three percent range.
"The properties were refinanced by a repeat Grandbridge client. Grandbridge and Freddie Mac worked together to provide cash-out refinances to the borrower that allowed them to recoup a portion of their equity after they successfully completed their renovation plans. The properties qualified for the Freddie Mac Green Up SM program, one of Freddie Mac’s Green Advantage SM options, as the client plans to implement water and energy saving improvements on both properties," stated Tapie.
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.