Champlin, Minnesota Warehouse
Grandbridge Facilitates $5.35 Million Minn. Industrial Property Acquisition/Bridge Financing
Grandbridge Real Estate Capital recently facilitated the closing of a $5,350,000 first mortgage loan secured by an industrial property in Champlin, Minn.
Columbus, Ohio-based Grandbridge Senior Vice President Craig Kegg originated the permanent, fixed rate loan for a repeat client. Louisville, Ky.-based BB&T Senior Vice President Greg Branstetter referred the transaction. Funding for the transaction was arranged through one of Grandbridge’s banking relationships.
“The bridge loan was structured with 10 months of interest-only, closing with an interest rate 300 bps over the 30-day LIBOR,” said Kegg. “The 84,470-square-foot warehouse/industrial property functions as a single-tenant industrial facility.”
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 Optigo℠ lender, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $29.5 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 U.S. with $227.7 billion in assets and market capitalization of approximately $35.6 billion, as of March 31, 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, N.C., the company operates more than 1,800 financial centers in 15 states and Washington, D.C., 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.