Grandbridge Closes $121 Million Multifamily Acquisition Financing
Published On: 06.04.12
WASHINGTON, D.C. — The Washington, D.C. production office of Grandbridge Real Estate Capital recently originated and closed a $121,130,000 first mortgage loan secured by The Buchanan, a 442-unit Class A residential community located in Arlington, Virginia.
Funded through Fannie Mae’s Delegated Underwriting and Servicing (DUS®) MBS loan product, the acquisition financing was originated by D.C.-based Grandbridge Senior Vice Presidents Paul Aanonsen and Jack Bauer. The seven-year fixed rate mortgage features a 30-year amortization and closed with an interest rate of 3.89 percent.
Built in 1971, the 13-story high rise is comprised of 442 multifamily units with commercial retail and office space on the first floor. The property features a mix of studio, one-, two- and three-bedroom units as well as eight retail spaces and one office space on the first floor and underground parking. Building amenities include a swimming pool with sundeck, gas grills and designated outdoor dining, fitness center, game room, two laundry rooms on each floor as well as on-site storage, 24-hour concierge and valet dry cleaning services.
Charlotte, N.C.-based Grandbridge has a broad investor base that includes insurance companies, pension fund advisors, CMBS lenders, commercial banks and capital markets investors, as well as a proprietary lending platform. The company, a wholly-owned subsidiary of BB&T, is a Fannie Mae DUS lender, a Freddie Mac Program Plus® Seller/Servicer, and 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 servicing portfolio of more than $26 billion representing nearly 100 capital providers. More information about Grandbridge and its full line of products and services is available at www.gbrecap.com.