The Atlanta office of Grandbridge Real Estate Capital recently originated and closed a $5.5 million bridge loan secured by Woodhaven on Brockett Apartments, a 276-unit multifamily community in Clarkston, Ga.  Funding for the acquisition was provided by Mutual of Omaha Bank with an interest rate in the low five percent range and a three-year term with two, three-year extensions, and 24 months of interest-only; followed by a 25-year amortization schedule.

“Working with a repeat client and the lender’s willingness to work with the borrower to overcome certain due diligence issues, made the transaction run smooth and quick, enabling us to close one week following commitment,” explained Grandbridge Vice President Alan Tapie, CCIM.

The garden-style multifamily community is located in the Atlanta MSA.  Amenities to the property include a swimming pool, clubhouse, children’s playground and proximity to public transportation.

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T, 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) 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.

At September 30, BB&T Corporation had $157.2 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.