The Park at Revenna
Grandbridge Arranges $19.5 Million Tampa Multifamily Refinance
Grandbridge Real Estate Capital recently closed a $19,500,000 first mortgage loan secured by The Park at Ravenna Apartments in Tampa, Fla.
Grandbridge Senior Vice President Mike Ortlip originated the refinance loan for a repeat client. The permanent, floating rate loan was arranged through Freddie Mac’s Capital Markets Execution (CME) loan product.
“The floating rate loan was funded through Freddie Mac's standard delivery multifamily loan product, enabling us to structure the nonrecourse financing with terms that accommodated the client’s continued upgrade plan,” stated Ortlip. “The transaction closed with an attractive interest rate and prepayment flexibility.”
Renovated in 2016, the 300-unit multifamily community is comprised of 20 two- and three-story buildings. The property, approximately four miles from the main campus of the University of South Florida (USF), features two swimming pools, a dog park and a 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.
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.