Doric on Lane
Grandbridge Funds $10.1 Million Ohio Student Housing Refinance
Grandbridge Real Estate Capital recently closed a $10,100,000 permanent, first mortgage loan secured by Doric on Lane, a 127-bed, 49,139 square foot student housing property in Columbus, Ohio.
Grandbridge Columbus, Ohio-based Senior Vice President Ted Schmidt originated the transaction.
Funding for the refinance was provided by one of Grandbridge’s correspondent insurance company lenders and featured a fixed rate, nonrecourse 15-year term, a 30-year amortization and an initial period of interest only; closing with an interest rate in the low four percent range.
Each of the fully furnished 45 units features separately locking bedrooms and private baths. Spacious common areas and fully equipped kitchens, as well as full-size washers/dryers, are found in every unit. The property is adjacent to the main campus of The Ohio State University.
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.