Midwest University Apartments
Grandbridge Finances $51.5 Million Student Housing Property
Grandbridge Real Estate Capital recently closed a $51,500,000 first mortgage loan secured by a 264-unit/538-bed Class A student housing property located near a large university in the Midwest. The acquisition financing was originated by Minneapolis-based Vice President Brett Olson.
The nonrecourse loan was funded through Grandbridge’s Fannie Mae DUS platform and featured a 15-year term with 3 years of interest-only followed by a 30-year amortization. The loan closed with a fixed interest rate in the mid-4% range.
“Grandbridge successfully worked with the borrower and lender to structure a transaction that met the borrower’s specific needs and the lender’s caveats. This successful working relationship enabled Grandbridge to meet our repeat client’s objectives and assist in the continued expansion of our client’s student housing portfolio throughout the Midwest,” explained Olson.
The subject property is a dedicated premier student housing property located approximately 1 mile from the school’s campus. The property features 264 units and very desirable common area amenities for students including a resort style pool, outdoor kitchens, sand volleyball court, bocce ball, fitness center, game room and roof top terraces.
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.