Grandbridge Facilitates $34.9 Million Indiana Retail Refinance
Grandbridge Real Estate Capital recently facilitated the closing of a $34,986,000 first mortgage loan secured by a 101,602 square foot, anchored-retail center in Fort Wayne, Ind.
Indianapolis, Ind.-based Senior Vice President Ed Chandler originated the permanent, fixed rate refinance for a repeat client. The loan was structured with a 10-year term, 30-year amortization and 12 months of interest-only.
“Grandbridge completed the bridge financing with a central Indiana bank and then placed the permanent loan, secured by JoAnn Plaza in Fort Wayne, Indiana, with Starwood Capital. The financing enabled the developer to realize a portion of the value add created by repositioning the tenant mix with the addition of a recently opened Aldi and facade upgrades to the center. The center is owned by The Broadbent Companies of Indianapolis,” said Chandler.
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.