HOUSTON — Grandbridge Real Estate Capital's Houston office originated and closed a fixed rate refinance loan secured by Waterpoint Retail Center, a 93,000 square foot lakefront lifestyle center located in Conroe, Texas.  Waterpoint is home to some of the nation’s leading and emerging retail tenants, including CVS, Starbucks, and Five Guys Burgers.  Additionally, Waterpoint has 20,000 square feet of local and regional office tenants.  

Funding for the transaction was provided by Wells Fargo through Duane Hastings of their Irvine, Ca., CMBS origination team.  Funds from the 10-year loan were used to refinance an existing construction loan.  Terms of the debt were market leading.

Grandbridge Assistant Vice President Seth Barrett arranged the financing on behalf of the owner, GPW One, LLC, a retail development firm lead by the Houston-based principals of Gordon Partners.

“Unanchored retail is a challenging story to tell to lenders given current market conditions, but we worked diligently with Wells Fargo to help them understand the dynamics of the Conroe market and the strength of Waterpoint.  The developer did a masterful job developing and leasing the property in a period of economic uncertainty.  Their end product speaks for itself and ultimately, great real estate with a strong borrower is financeable.” Seth Barrett commented.   

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation, 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 Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender and a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender. Grandbridge is also a MAP multifamily and LEAN healthcare approved participant in products insured by the Federal Housing Administration (FHA).

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 nationwide. Grandbridge has a servicing portfolio of about $24.5 billion representing nearly 100 capital providers.  For more information about Grandbridge and its locations, visit www.gbrecap.com.

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 www.BBT.com.

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

TRANSACTION CONTACT
Seth M. Barrett
Assistant Vice President
713.993.1363 
sbarrett@gbrecap.com

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