Minneapolis, Minn. — Tony Carlson, Dick Riley and Dave Rasmussen in the Minneapolis office of Grandbridge Real Estate Capital recently originated and closed two first mortgage multifamily loans totaling more than $4.7 million for first-time Grandbridge clients.  Secured by 108 market rate apartment units, both refinance transactions were funded through a Fannie Mae Small Loan Program lender.

The first loan was secured by a 36-unit apartment complex in Apple Valley, Minn.  The borrower purchased the property approximately 10 years ago and Grandbridge successfully worked with the borrower to refinance his maturing conduit loan.  The loan features a 10-year term, 30-year amortization, and a fixed rate in the mid-five percent range.  

The second loan was secured by a 72-unit apartment complex in Mankato, Minn.  This transaction refinanced the borrower’s maturing loan and was funded at 80 percent of appraised value.  This loan also featured a 10-year term, 30-year amortization, and a fixed rate in the mid-five percent range.  The borrower, very pleased with the 30-year amortization and low interest rate, said, “Grandbridge successfully delivered the terms they outlined at the start of the process.  The longer amortization and lower interest rate will greatly increase the cash flow of the property.”

As a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Grandbridge has access to the most attractive multifamily financing debt available in the market today.  

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

The company is a Fannie Mae DUS lender and a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender. Grandbridge is also a Multifamily Accelerated Processor (MAP) approved 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 $24.5 billion and represents approximately 100 capital providers.

At June 30, BB&T Corporation had $155.1 billion in assets and is one of the nation’s largest financial holding companies. Founded in 1872, it operates more than 1,800 financial centers in 12 states and Washington, D.C. More information about the company is available at BBT.com.

BUSINESS CONTACT
Thomas S. Dennard
Grandbridge CEO    
(704) 379-6910
tdennard@gbrecap.com    

MEDIA CONTACT
Patricia Muse
Vice President | Marketing
(205) 978-1139
pmuse@gbrecap.com