Grande Promenade Village
Grandbridge Arranges $28.89 Million Loan for Retail Acquisition in Charlotte, N.C.
Grandbridge Real Estate Capital recently closed a $28.89 million bridge loan for the acquisition of Grande Promenade, a 202,032 square foot retail center in Charlotte, N.C. The center is located in the heart of the University submarket at the intersection of W.T. Harris Boulevard and North Tryon Street; directly across from the Carolinas Medical Center – University Hospital.
Grande Promenade was originally constructed in 2000, expanded in 2004, and is anchored by Ashley Furniture, Jos. A. Bank, and Total Wine.
Gordon White, Senior Vice President, from the Grandbridge Raleigh, N.C., office originated the nonrecourse loan through one of Grandbridge’s specialty correspondent lenders. The three-year loan includes an interest-only feature as well as future funding for property requirements in support of the client’s business plans.
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)