Grandbridge Arranges $3.5 Million For Miami’s Club Space Building
Grandbridge Real Estate Capital recently closed a $3,500,000 first mortgage loan secured by Club Space Building, a 28,000 square foot, single tenant retail building in Miami, Fla.
The permanent, fixed rate transaction was originated by Grandbridge Miami-based Senior Vice President Philip Carroll and underwritten by Adrian Rahimi. The loan was funded through one of Grandbridge’s banking relationships and featured a five-year term and 25-year amortization.
“The challenge was obtaining financing from a lender who was comfortable with a single tenant asset occupied by a bar/dance club. The property's excellent location in the direct path of future development, right next to the Miami World Center development in the Parkwest district, was a big part in the lender's decision to move forward with the loan. After polling many lenders, we were able to structure a loan that satisfied the owner's desire to refinance and increase the existing loan with a low fixed rate," said Carroll.
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.