South Beach Marina Apartments

South Beach Marina Apartments

Grandbridge Arranges $90 Million San Francisco Apartment Refi

Grandbridge Real Estate Capital recently closed a $90 million first mortgage loan secured by South Beach Marina Apartments in San Francisco, California.

The refinance loan was originated by Grandbridge Greenville, S.C., office co-managers Bill Mattice and Phillip Cox. The permanent, fixed rate refinance loan was funded through one of Grandbridge’s insurance correspondents and structured with a 12-year, interest-only term.  The borrower is a state pension fund advised by L&B Realty.

Built in 1989, the 414-unit, Class A, mid-rise community is comprised of five buildings in the heart of San Francisco’s South of Market (SOMA) neighborhood. The property features 4,708 square feet of retail on the ground floor, currently occupied by two restaurants and a salon. The property offers residents unparalleled views of the bay, two tennis courts, and a luxury lobby/lounge area, community/billiards room, a landscaped courtyard, outdoor pool and spa, and fitness center.

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.

About BB&T

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.

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Loans are subject to credit approval.

Grandbridge Real Estate Capital is a subsidiary of Branch Banking and Trust Company(opens in a new tab), Member FDIC. Both are Equal Housing Lenders. Equal Housing Lender