Grandbridge Arranges $18.6 Million 15-Property Retail Portfolio Refinance
Grandbridge Real Estate Capital recently closed an $18.6 million first mortgage loan secured by 15 retail properties in six states. Major tenants include Dollar General, Family Dollar, AutoZone, Advanced Auto, and Goodyear.
Grandbridge Greenville, S.C., office co-managers Bill Mattice and Phillip Cox originated the transaction for a repeat client.
The permanent, fixed rate refinance loan was structured with a 10-year term and 30-year amortization and funded through one of Grandbridge’s CMBS correspondents.
“This transaction was a downleg of a 1031 exchange for a deal that Grandbridge previously financed and the client sold,” said Cox. “The majority of the properties in the portfolio are new construction and located in multiple states. Grandbridge was able to coordinate through one of our CMBS correspondents the simultaneous closing of all the locations and help the client position these assets for a long-term hold.
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.
Loans are subject to credit approval.
Grandbridge Real Estate Capital is a subsidiary of Branch Banking and Trust Company(opens in a new tab), Member FDIC. Both are Equal Housing Lenders.
Branch Banking and Trust Company is now Truist Bank. Learn more(opens in a new tab)