Grandbridge Finances Virginia Multi-Tenant Office Property
Grandbridge Real Estate Capital recently closed a $5,000,000 first mortgage refinance loan secured by Discovery Center, a 42,700 square foot multi-tenant office building in Manassas, VA. Built in 2011, the Class A suburban office building was 100% occupied at closing.
Miami-based Senior Vice President Philip Carroll originated the transaction. The 10-year, fixed rate nonrecourse loan was funded through one of Grandbridge’s commercial banking relationships, closing with an interest rate of 4.25%.
“While it’s unusual for a commercial bank to make a long-term, fixed rate loan on a nonrecourse basis, the lender’s confidence in the long-term outlook for this Washington, DC-area market was integral to making this deal work. The property is 100% leased to three tenants with lease maturities occurring during the loan term,” Carroll 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 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.