Quarters at West Lafayette
Grandbridge Facilitates $17.75M Student Housing Acquisition
Grandbridge Real Estate Capital recently closed a $17,750,000 first mortgage loan secured by a 225-unit student housing property located near Purdue University in West Lafayette, Ind.
Grandbridge Minneapolis, Minn.-based Vice Presidents Brett Olson and Dick Riley originated the transaction.
“Grandbridge arranged funding of the floating rate acquisition loan through one of our bank relationships. The initial funding was for $15.5 million, with future funding of up to $2.25 million. We structured the 36-month loan with a six-month period of interest-only followed by a 30-year amortization,” said Olson. “The loan closed with an interest rate of approximately 3.75 percent.”
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