BIRMINGHAM, ALA.—Grandbridge Real Estate Capital LLC recently closed a $3,000,000 first mortgage loan secured by Feemstaer Lake Apartments in Tupelo, Mississippi. Senior Vice President John Segrest originated the fixed-rate, nonrecourse loan. The refinance of the 112-unit apartment complex was funded by Grandbridge and sold to Fannie Mae under the DUS® Early Rate Lock (ERL). Fannie Mae’s ERL feature lets borrowers manage interest rate risk by locking the interest rate up to 12 months in advance of funding.

The transaction closed with an interest rate in the mid-six percent range and was based on a 10-year term with a 30-year amortization. The loan will retire existing debt and provide significant funding for renovations and upgrades to the property. The property, built in 1990 and located on 7.3 acres of land near the University of Mississippi at Tupelo, is comprised of 50 one-bedroom and 62 two-bedroom apartments in 23 buildings, and was 96 percent occupied at closing.

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, 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. Grandbridge is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved active participant in multifamily products insured by the Federal Housing Administration. The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services. Grandbridge has a servicing portfolio of approximately $24.9 billion representing nearly 100 capital providers.

With $152 billion in assets, BB&T Corporation is the nation’s 12th largest financial holding company. It operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

LOAN CONTACT

John Segrest
Grandbridge SVP
205.978.1842

MEDIA

Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139