Ballantyne Commons Storage Centre
Grandbridge Facilitates $6.75 Million Charlotte Self Storage Refinance
BB&T Real Estate Funding (BBTREF), a subsidiary of BB&T and an exclusive proprietary program of Grandbridge Real Estate Capital, recently funded $6,750,000 (43% LTV) first mortgage refinance loan secured by Ballantyne Commons Storage Centre located in Charlotte, NC. The four-story building was built in two phases between 2008 and 2015, totaling 812 climate controlled units.
The transaction was originated by Mike Ortlip and Josh Davis of Grandbridge’s Charlotte office. The nonrecourse fixed rate loan closed with a 4.40% interest rate, a 10-year term and 25-year amortization. The subject has a DSCR of 1.65x based upon in-place income at closing. The experienced mini-warehouse sponsor is a repeat client of the Charlotte Grandbridge production office.
BBTREF recommended the loan based on the quality of the asset, strong loan metrics, and the location and demographic of the submarket.
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.