Ft. Lauderdale, Fla. — Grandbridge Real Estate Capital recently closed a $34,569,100 first mortgage loan secured by The Falls at Marina Bay, a 376-unit multifamily community in Ft. Lauderdale, Florida.  This transaction, originated by Ft. Lauderdale-based Vice President David Gahagan, was a refinance of an existing HUD-insured loan under Section 221(d)(4) pursuant to Section 223(a)(7).  

Since the original 221(d)(4) had not gone through final endorsement, Grandbridge was able to work closely with the developer and FHA to make the loan eligible for FHA’s 223(a)(7) refinance program.  In doing so, the new transaction structure provided the borrower with a very attractive interest rate, a 40-year loan term and notable debt service savings.

This Class A, mixed-use project was successfully developed by Mr. Jack Taplin.  The Marina Bay development is an outstanding redevelopment of an older marina project bringing a vibrant, upscale residential development to the Marina Mile in Ft. Lauderdale. Taplin designed his project to take full advantage of the views of the Marina at Marina Bay which caters to South Florida’s mega-yacht market.  The property features courtyard style entries and prominent water fountains throughout the complex which provide the residents with an elegant, tropical feel.   Property amenities include a clubhouse with gymnasium, racquetball courts, movie theatre, coffee/tea service, billiards, sauna and spa.  Residents’  of Marina Bay enjoy  a resort style pool, fitness trail, tennis courts, a waterfront restaurant, and marina/waterfront views along the New River.  Located in the northwest quadrant of State Road 84 and I-95 in Ft. Lauderdale, Marina Bay provides the commuter with easy access to the South Florida transportation network in a tropical oasis setting. (Property photos attached)

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T, has a broad investor base that includes insurance companies, CMBS lenders, pension fund advisors, commercial banks and capital markets investors, as well as a proprietary lending platform.

The company is a Freddie Mac program Plus? Seller/Servicer and Targeted Affordable Housing lender and a Fannie Mae DUS? (Delegated Underwriting and Servicing) lender. Grandbridge is also a Multifamily Accelerated Processor (MAP) and LEAN healthcare approved active participant in products insured by the Federal Housing Administration (FHA). The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. Grandbridge has a current servicing portfolio of $24 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.

As of December 31, 2010, BB&T is one of the largest financial services holding companies in the U.S. with $157.1 billion in assets and market capitalization of $18.3 billion. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C.  More information about BB&T and its full line of products and services is available at www.BBT.com.