Grandbridge Closes $100.55 Million in Southeastern Multifamily, Office, Retail and Industrial Deals

Published On: 03.29.11

 

Charlotte, N.C. — Grandbridge Real Estate Capital recently closed a $16,500,000 first mortgage loan secured by the Bermuda Estates, a 220-unit, Class “A” garden-style multifamily property located on 18.9 acres in Sarasota, Florida. The seven-year refinance loan features a 30-year amortization.  Funded through Fannie Mae’s DUS loan product, the transaction was originated by Ft. Lauderdale-based Senior Vice President Al Rex.

Constructed in 2003 by the borrower, the property is a mix of well-designed one-, two- and three-bedroom units. Situated on Florida’s west coast approximately 180 miles northwest of Miami, 45 miles south of Tampa, and 110 miles southwest of Orlando, Bermuda Estates’ desirable location adds to its value.  Amenities include two small lakes, a pool, spa, sundeck, barbeque grills, playground, car care center, leasing office with clubhouse, fitness center and business center.

Grandbridge closings in nearby Alabama include retail, office and multifamily properties. Mobile, Ala.-based Senior Vice President Richard Brinson recently originated and closed a $3,100,000 first mortgage loan secured by Executive Center, two office buildings totaling 97,744 square feet.  Located in Mobile, Alabama, the permanent, fixed rate refinance was funded through Grandbridge’s relationship with American Equity Investment Life Insurance Company.  

Jacksonville, Fla.-based Senior Vice President Taylor Williams originated and closed a $10,797,100 first mortgage loan secured by Plantation Apartments; a 192-unit multifamily community located approximately 200 miles north of Mobile, just above the state’s capital, in Prattville, Ala.  Funded through Fannie Mae’s DUS loan product, the 10-year acquisition financing features a 30-year amortization.  “We funded the transaction in just 47 days from signed application to closing,” said Williams.

Patton Creek Shopping Center, in Hoover, Ala., was refinanced by Ft. Lauderdale-based Senior Vice President Lance Lehaman.  The $45,500,000 first mortgage, secured by the 512,871 square foot lifestyle center, was funded through Grandbridge’s relationship with RBS Global Banking & Markets.  The 10-year refinance closed with an interest rate in the low five-percent range and features a 30-year amortization.

Built in 2004, Patton Creek contains retail, dining and entertainment. Located in one of the state’s fastest growing markets, the center is situated between I-459 (North), the Riverchase Galleria Mall (East), and State Highway 150 (South).  The development’s “Main Street” element features store front parking, wide sidewalks, decorative architecture and enhanced landscaping, and combines traditional power center tenants with an eclectic mix of restaurants and unique local boutiques.

Tampa, Fla.,-based Grandbridge Senior Vice President Stephen Marshall recently closed a $5,600,000 first mortgage loan secured by the Duluth Station, a 94,966 square foot Publix-anchored retail property located in Duluth, Georgia.  The seven-year refinance loan features a 25-year amortization.  Funded through Grandbridge’s relationship with Thrivent Financial for Lutherans, it was the “loan proceeds and amortization” that made the refinance transaction work, explained Marshall.  “With the anchor tenant’s short remaining lease term, along with significant local tenant vacancy and post commitment tenant move-out, we had to have this deal closed within 90 days of application.” 

Raleigh, N.C.-based Senior Vice President Bob Hukill originated and closed a $5,023,000 first mortgage loan secured by Fox Hollow Apartments, a 184-unit garden-style multifamily community located in High Point, N.C.  Amenities to the property include a clubhouse and business center with WiFi, pool, exercise facility and picnic areas.  

Funded through Freddie Mac’s CME loan product, the 10-year acquisition financing closed with an interest rate in the mid-five percent range and features a 30-year amortization.  “We funded the acquisition in just 42 days from signed application to closing,” said Hukill.  “Freddie Mac’s willingness to meet the borrower’s acquisition closing date as well as structuring two years of interest-only financing, and favorably considering the borrower’s pro forma expenses – instead of institutional prior T-12 and previous two year’s expenses – made this deal work.”

Another Grandbridge closing in Elizabeth City, N.C., was originated and closed by Kansas City-based Vice President Joseph Platt. The $6,580,000 first mortgage loan was secured by Port Elizabeth, a 227,399 square foot “big box” retail property. The permanent, fixed rate refinance was funded through Grandbridge’s relationship with North American Savings Bank. The five-year loan featured a 12-year amortization.

Saluda Hill, in Lexington, S.C., was originated and closed by Greenville-based Vice Presidents Bill Mattice and Phillip Cox. The $1,450,000 first mortgage, secured by the 39,500 square foot industrial/bulk warehouse, was funded through Grandbridge’s relationship with Summit Investment Partners.  The 12.5-year refinance loan closed with an interest rate in the mid five-percent range and features a 12.5-year amortization.  “A cooperative investor and a great borrower made this deal work,” said Mattice.  “Overcoming environmental contamination on the site of one of the buildings was a challenge.  Summit worked with the borrower and us to remediate the problem.  Plus, our borrower was very proactive in getting everything on his end completed,” explained Cox.

Also originated and closed by Greenville office, a $6,000,000 first mortgage secured by St. Augustine Hills Apartments in Tallahassee, Florida.  The 176-unit multifamily refinance was funded through Grandbridge’s insurance company relationship with Thrivent Financial for Lutherans.

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

The company is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac program Plus® Seller/Servicer and Targeted Affordable Housing lender, and an approved FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare lender.   

Grandbridge 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

 

Charlotte, N.C. — Grandbridge Real Estate Capital recently closed a $16,500,000 first mortgage loan secured by the Bermuda Estates, a 220-unit, Class “A” garden-style multifamily property located on 18.9 acres in Sarasota, Florida.  The seven-year refinance loan features a 30-year amortization.  Funded through Fannie Mae’s DUS? loan product, the transaction was originated by Ft. Lauderdale-based Senior Vice President Al Rex.Constructed in 2003 by the borrower, the prope rty is a mix of well-designed one-, two- and three-bedroom units.  Situated on Florida’s west coast approximately 180 miles northwest of Miami, 45 miles south of Tampa, and 110 miles southwest of Orlando, Bermuda Estates’ desirable location adds to its value.  Amenities include two small lakes, a pool, spa, sundeck, barbeque grills, playground, car care center, leasing office with clubhouse, fitness center and business center.
Grandbridge closings in nearby Alabama include retail, office and multifamily properties. Mobile, Ala.-based Senior Vice President Richard Brinson recently originated and closed a $3,100,000 first mortgage loan secured by Executive Center, two office buildings totaling 97,744 square feet.  Located in Mobile, Alabama, the permanent, fixed rate refinance was funded through Grandbridge’s relationship with American Equity Investment Life Insurance Company.  
Jacksonville, Fla.-based Senior Vice President Taylor Williams originated and closed a $10,797,100 first mortgage loan secured by Plantation Apartments; a 192-unit multifamily community located approximately 200 miles north of Mobile, just above the state’s capital, in Prattville, Ala.  Funded through Fannie Mae’s DUS? loan product, the 10-year acquisition financing features a 30-year amortization.  “We funded the transaction in just 47 days from signed application to closing,” said Williams.
Patton Creek Shopping Center, in Hoover, Ala., was refinanced by Ft. Lauderdale-based Senior Vice President Lance Lehaman.  The $45,500,000 first mortgage, secured by the 512,871 square foot lifestyle center, was funded through Grandbridge’s relationship with RBS Global Banking & Markets.  The 10-year refinance closed with an interest rate in the low five-percent range and features a 30-year amortization.
Built in 2004, Patton Creek contains retail, dining and entertainment. Located in one of the state’s fastest growing markets, the center is situated between I-459 (North), the Riverchase Galleria Mall (East), and State Highway 150 (South).  The development’s “Main Street” element features store front parking, wide sidewalks, decorative architecture and enhanced landscaping, and combines traditional power center tenants with an eclectic mix of restaurants and unique local boutiques.
Tampa, Fla.,-based Grandbridge Senior Vice President Stephen Marshall recently closed a $5,600,000 first mortgage loan secured by the Duluth Station, a 94,966 square foot Publix-anchored retail property located in Duluth, Georgia.  The seven-year refinance loan features a 25-year amortization.  Funded through Grandbridge’s relationship with Thrivent Financial for Lutherans, it was the “loan proceeds and amortization” that made the refinance transaction work, explained Marshall.  “With the anchor tenant’s short remaining lease term, along with significant local tenant vacancy and post commitment tenant move-out, we had to have this deal closed within 90 days of application.” 
Raleigh, N.C.-based Senior Vice President Bob Hukill originated and closed a $5,023,000 first mortgage loan secured by Fox Hollow Apartments, a 184-unit garden-style multifamily community located in High Point, N.C.  Amenities to the property include a clubhouse and business center with WiFi, pool, exercise facility and picnic areas.  
Funded through Freddie Mac’s CME loan product, the 10-year acquisition financing closed with an interest rate in the mid-five percent range and features a 30-year amortization.  “We funded the acquisition in just 42 days from signed application to closing,” said Hukill.  “Freddie Mac’s willingness to meet the borrower’s acquisition closing date as well as structuring two years of interest-only financing, and favorably considering the borrower’s pro forma expenses – instead of institutional prior T-12 and previous two year’s expenses – made this deal work.”
Another Grandbridge closing in Elizabeth City, N.C., was originated and closed by Kansas City-based Vice President Joseph Platt. The $6,580,000 first mortgage loan was secured by Port Elizabeth, a 227,399 square foot “big box” retail property.  The permanent, fixed rate refinance was funded through Grandbridge’s relationship with North American Savings Bank. The five-year loan featured a 12-year amortization.
Saluda Hill, in Lexington, S.C., was originated and closed by Greenville-based Vice Presidents Bill Mattice and Phillip Cox. The $1,450,000 first mortgage, secured by the 39,500 square foot industrial/bulk warehouse, was funded through Grandbridge’s relationship with Summit Investment Partners.  The 12.5-year refinance loan closed with an interest rate in the mid five-percent range and features a 12.5-year amortization.  “A cooperative investor and a great borrower made this deal work,” said Mattice.  “Overcoming environmental contamination on the site of one of the buildings was a challenge.  Summit worked with the borrower and us to remediate the problem.  Plus, our borrower was very proactive in getting everything on his end completed,” explained Cox.
Also originated and closed by Greenville office, a $6,000,000 first mortgage secured by St. Augustine Hills Apartments in Tallahassee, Florida.  The 176-unit multifamily refinance was funded through Grandbridge’s insurance company relationship with Thrivent Financial for Lutherans.
Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T, has a broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as a proprietary lending platform. 
The company is a Fannie Mae DUS? (Delegated Underwriting and Servicing) lender, a Freddie Mac program Plus? Seller/Servicer and Targeted Affordable Housing lender, and an approved FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare lender.   
Grandbridge 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