Grandbridge Facilitates $30.5 Million Georgia Office Acquisition
Grandbridge Real Estate Capital recently closed a $30,500,000 first mortgage loan secured by a 251,000 square foot Class A office building within the Atlanta MSA in Alpharetta, GA.
Grandbridge Mobile, AL-based Vice President Gerry Robbins originated the acquisition transaction. The permanent, fixed rate loan was funded through one of Grandbridge’s correspondent lenders. The loan featured an initial period of interest-only, a 10-year term and 30-year amortization.
“The challenge of the assignment was structuring around the remaining lease term of the anchor tenant in the building whose lease was up for renewal in four years. We were able to work through the underwriting by comparing the current rents at the subject to other Class A products in the market, assessing current vacancy and potential future vacancy in the submarket for a space of this size, along with structuring a flexible leasing cost reserve structure which did not materially impact current cash flow,” said Robbins. “The asset was better than 95% occupied at the time of purchase and offered full-service amenities including an onsite café, gym, and conference facilities.”
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.