Grandbridge Finances $5.3 Million Industrial Property in Grimes, Iowa
Grandbridge Real Estate Capital recently closed a $5,316,000 first mortgage loan secured by a Class-A, 182,000 square foot industrial property in Grimes, Iowa. Minneapolis-based Ben Fazendin originated the acquisition financing.
Grandbridge successfully worked with the borrower and a correspondent life insurance company to structure the transaction to meet the borrowers’ objectives. This collaborative relationship enabled the borrowers to accomplish their goals with a nonrecourse, 10-year, interest-only loan with an interest rate below 3.5%. The borrowers also required a lender willing to close the loan in three weeks.
“The loan funded on time and met our borrowers’ timing objectives,” explained Fazendin. “The property was fully leased with strong tenants and we received very strong investor interest on the transaction.”
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.