Grandbridge Finances $9.28 Million in Orlando, Fla., Retail Properties
Grandbridge Real Estate Capital recently closed two loans totaling $9,280,000 secured by two Class-A, 25,000 square foot retail properties in Orlando, Fla. Minneapolis-based Ben Fazendin originated the refinance transactions with a Minnesota-based investor.
Grandbridge successfully worked with the borrower and a lender to structure the transactions to meet the borrower’s objectives. This collaborative relationship enabled the borrower to accomplish their goals and provided the borrower with a nonrecourse, 10-year fixed rate loan with an interest rate near four percent. The mortgages also provided a waiver of any prepayment penalty to mitigate the risk of a tenant purchase option during the term of the loan.
“The loan funded on time and met our client’s timing objectives,” explained Fazendin. “The properties were both recently completed and have long-term leases in place. Our client was able to fix long-term nonrecourse loans while retiring construction financing and returning some capital to the investors.”
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.