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. 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 $72.3 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.
Grandbridge Real Estate Capital is a subsidiary of Truist Bank, Member FDIC. Both are Equal Housing Lenders.
Loans are subject to credit approval. © 2020