Grandbridge Facilitates $42.95 Million Michigan Retail Acquisition
Grandbridge Real Estate Capital recently closed a $42,975,200 first mortgage loan secured by Waterside Marketplace, a 291,231 square foot retail center in Chesterfield, MI, 25 miles north of downtown Detroit.
Grandbridge Mobile, AL-based Vice President Gerry Robbins originated the acquisition transaction. The loan, funded through one of Grandbridge’s correspondent lenders, was structured a 3-year term and 25-year amortization and closed with an interest rate in the low 4% range.
“Center anchors include Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, Ulta, Jo Ann Fabrics, Old Navy, DSW, Five Below, Party City, JC Penney and Lowe’s Home Improvement,” said Robbins. “The property is situated adjacent to Interstate 94, providing outstanding access to both a local and regional customer base and affords tenants the ability to draw consumers from several communities in the northeast Detroit suburbs.”
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.