Grandbridge Arranges $19.9 Million Florida Retail Acquisition Loan
Grandbridge Real Estate Capital recently arranged a $19,900,000 first mortgage term loan secured by Cortez Plaza, a 274,398 square foot big box retail property in Bradenton, Florida. Anchor tenants include Burlington Coat Factory, PetSmart, LA Fitness and Shoe Carnival.
Grandbridge Miami-based Senior Vice President Alex Haw originated the transaction. The permanent, fixed rate loan was provided by one of Grandbridge’s Florida banking correspondents.
“At a time when many lenders are pulling away from big box retail, Grandbridge was able to highlight the numerous strengths of the deal and arrange bank financing at a competitive fixed rate,” Haw stated.
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.