BIRMINGHAM, ALA.—Grandbridge Real Estate Capital LLC recently closed a $3,875,500 first mortgage secured by Park Oaks Apartments in Metairie, Louisiana. John Sibal, President of New Orleans-based Eustis Commercial Mortgage Corporation, a Grandbridge correspondent, arranged the financing through Senior Vice President Jeff Patton. The refinance of the 80-unit garden 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 property, located just off Veterans Boulevard near the Lake Ponchartrain Causeway, closed with an interest rate of 5.725% 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.

Built in 1962, the complex is comprised of two, two-story brick residential apartment buildings with 53,918 square feet of net rentable area. The property was 95 percent occupied at closing. Amenities include a courtyard with a large swimming pool, a laundry facility and ample off-street parking—a definite plus in the New Orleans metro area. The borrower, Favrot & Shane Companies, plans to make significant upgrades to the property’s interiors including cabinetry replacement and bathroom renovations as well as refurbish the buildings’ distinctive slate Mansard roofs, install new windows, upgrade the pool and add washers and dryers to each unit in the near future.

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved 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 more than $21.7 billion representing 96 capital providers. It closed more than 1,000 transactions in 2007.

With $136.4 billion in assets, BB&T Corporation (NYSE: BBT) is the nation’s 14th largest financial holding company. It operates nearly 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

FANNIE MAE CONTACT

Jeff Patton
Grandbridge SVP
205.978.1851

MEDIA

Patricia Muse
Grandbridge Marketing
205.978.1139