Minneapolis, Minn. — Grandbridge Real Estate Capital recently closed a $3,800,000 first mortgage loan secured by a five building office complex in Brooklyn Center, Minnesota. This refinance transaction was originated by Minneapolis, Minn.-based Tony Carlson.  

Funding for the fixed rate loan was provided by Summit Investment Partners and featured a 10-year term, 20-year amortization, and a fixed interest rate in the mid five percent range. Summit was selected for numerous reasons including their very competitive interest rate. 

The borrower acquired the five properties in stages, has made major improvements, and witnessed occupancy jump from 50 percent to 95 percent. It is a feel-good story in an otherwise challenging market.

The five office buildings feature a mix of tenants and lease terms and Grandbridge successfully worked with the borrower and lender to structure a transaction that met their diversified tenant schedule needs.  This successful working relationship allowed Grandbridge to overcome loan obstacles and the transaction funded on time and met the first-time client’s timing objectives as originally scheduled.  “This loan structure met all of our client’s objectives and funded on time,” explained Carlson.

About Grandbridge Real Estate Capital LLC

Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (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 its proprietary lending platform, BB&T Real Estate Funding. The company is a Fannie Mae DUS lender, a Freddie Mac program Plus? Seller/Servicer and Seniors 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. The company has a current servicing portfolio of more than $25.7 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.