Venture Apartments iN Tech Center
Grandbridge Real Estate Capital recently closed a $37,500,000 first mortgage loan secured by Venture Apartments iN Tech Center, a 288-unit multifamily property in Newport News, Va. Norfolk, Va.-based Gary Beck originated the refinance financing for a repeat client.
The fixed rate loan was funded through Fannie Mae’s Near-Stabilization Execution multifamily loan product, enabling Grandbridge to structure the nonrecourse financing with 60 months of interest-only, a10-year term and 30-year amortization. The transaction closed with an interest rate of 4.030 percent.
“This deal was processed under Fannie Mae's Near-Stabilized execution that allows lenders to rate lock and close once a property is 75 percent occupied clearly trending toward being at its stabilized underwritten occupancy within 120 days of rate lock,” said Landon Litty, Grandbridge Agency Underwriting.
Built in 2017, Venture Apartments iN Tech Center, an urban-style apartment complex located within Tech Center, a planned mixed-use development, is comprised of 253,797 rentable square feet housed in three, four-story residential buildings. The property features a saltwater pool with sundeck, poolside cabana, 24-hor outdoor kitchen and two grilling stations. Residents also enjoy the property’s 24-hour fitness center, virtual on demand fitness training, covered parking, dog park and spa. The clubhouse features a full kitchen, billiards, gaming parlor, Wi-Fi business center, bike storage and guest suite.
- High Quality Asset
- Rapid Lease Up
- Strong Sponsorship
- Professional Management – with Drucker and Falk
- Roughly 10% Hard Equity – will remain in transaction
- Tier 3 Leverage (65% LTV/1.35x DSCR)
- Well Located – in the Tech Center development adjacent to planned office buildings and recently developed shopping center anchored by Whole Foods
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.