Grandbridge Raleigh Arranged $2.56 Million NC Multifamily Refinance
Grandbridge Real Estate Capital recently closed a $2,564,000 first mortgage on Parkview Townhomes, a 24-unit multifamily property in Clayton, N.C. Raleigh-based Vice President Hal Worth originated the transaction with the referral from Smithfield, N.C., BB&T Market President Zach Thornton.
Funding for the fixed rate, nonrecourse loan was arranged through Freddie Mac’s Small Balance Loan (SBL) product and featured a 10-year term and 30-year amortization, with an initial period of interest only, closing with an interest rate in the low four percent range.
“We did it! All funded and closed. Thank you for your help and excellent service throughout the process. I hope we can do it again, soon,” borrower Reid Smith stated.
“Freddie Mac's small balance platform offered exactly what our client needed – costs wrapped in one amount, ease of execution, getting the loan dollars requested – it all came together in this transaction,” Worth said.
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.