The Patton

The Patton

  • $21,000,000
  • 117 units
  • Refinance
  • Fannie Mae DUS® Streamlined Rate Lock (SRL)

Grandbridge Facilitates $21 Million North Carolina Multifamily Refinance

Grandbridge Real Estate Capital recently closed a $21,000,000 loan secured by The Patton, a 117-unit, Class “A+” multifamily property in Asheville, NC. Originated by Charlotte, NC-based Vice President John Hankins and Analyst Zach Keiger, CCIM, the permanent, fixed rate nonrecourse loan was funded through Fannie Mae’s DUS® Streamlined Rate Lock (SRL) loan product. The transaction was structured with a 10-year term and 30-year amortization.

“Fannie Mae's SRL execution was utilized to expedite the rate lock timeline for the borrower,” said Hankins.

Located in Asheville’s Central Business District, The Patton includes a mix of studio, one- and two-bedroom apartments. The units are designed with high-end finishes such as quartz countertops, European cabinets, and stainless steel appliances. Amenities include a fitness center, secure bike storage facility, outdoor entertainment area and community lounge with game room.

About Grandbridge Real Estate Capital LLC

Headquartered in Charlotte, NC, Grandbridge Real Estate Capital LLC, a subsidiary of Truist Bank, 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. 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 $72.3 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.

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Grandbridge Real Estate Capital LLC is a wholly-owned subsidiary of Truist Bank. Truist Bank is an Equal Housing Lender. Equal Housing Lender  Truist Bank, Member FDIC.

Loans are subject to credit approval, which may or may not be forthcoming. © 2023 Grandbridge Real Estate Capital LLC.