West Ashley Shoppes
Grandbridge Arranges $21.27 Million in Retail Acquisition Funding
Grandbridge Real Estate Capital recently closed a $12,100,000 first mortgage loan secured by West Ashley Shoppes, a 136,242-square-foot, anchored retail property in the Charleston, S.C., Metropolitan Statistical Area (MSA).
The acquisition loan was originated by Grandbridge Greenville, S.C., office co-managers Bill Mattice and Phillip Cox for a repeat client. The permanent, fixed rate loan was funded through Grandbridge’s exclusive proprietary lending platform, BB&T Real Estate Funding’s (BBTREF) stabilized loan product and featured a 10-year term (5+5 loan structure with rate reset after year five), and 30-year amortization.
West Ashley Shoppes is a community shopping center anchored by major national and regional tenants including Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less, and Party City. Constructed in 1987, with considerable renovation completed in 2003, the property is in the affluent submarket of West Ashley, S.C., making it convenient to shoppers in the Tri-County area.
Mattice and Cox also originated a $9,170,000 first mortgage loan secured by Huntersville Square, a 92,665-square-foot, grocery anchored center in the Charlotte, N.C., MSA. Tenants include Food Lion, Tuesday Morning, Subway, Little Caesars and a local bank.
The permanent, fixed rate acquisition loan was funded through one of Grandbridge’s CMBS correspondents and featured an initial period of interest-only, a 10-year term and 30-year amortization. Situated just off Interstate 77 in Huntersville, S.C., Huntersville Square was 90-percent occupied at closing.
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 Multifamily Approved Seller/Servicer for Conventional and Seniors Housing, a Fannie Mae DUS ® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $29 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 US with $222.7 billion in assets and market capitalization of $39.1 billion as of June 30, 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, NC, BB&T operates more than 1,900 financial centers in 15 states and Washington, DC, 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.