Charlotte, N.C. — Grandbridge Real Estate Capital’s Charlotte Office recently closed a $21,145,000 first mortgage loan secured by City View at Southside, a 276-unit, Class ”A” multifamily property in Greensboro, N.C.

Funded through Freddie Mac’s Capital Markets Execution (CME) loan product, the transaction was originated by Charlotte-based Senior Vice President Mike Ortlip.  

City View is within walking distance of downtown Greensboro, the center of employment and entertainment for the “Triad” area, North Carolina’s third largest MSA. City View’s many amenities include a resort-style pool with rooftop sundeck, 24-hour clubhouse with fitness center, business center, and resident lounge with billiards room.  Units feature granite counter tops, nine-foot ceilings, exposed brick walls, rafter ceilings (in third-floor units), solid wood cabinetry, kitchen islands and stained concrete or faux hardwood floors.  

The attractive brick building’s compact urban design features gated entry corridors with card access and provides residents and guests with an unencumbered view of downtown Greensboro, all unique options in this market.

Grandbridge’s Charlotte Office also originated and closed a $27,750,000 first mortgage loan secured by Campus Crossings at Sherwood Forest, a 297-unit / 790-bed Class “A” student-oriented property located approximately one half mile from the University of North Carolina Greensboro, also in Greensboro, N.C.  

Also funded through Freddie Mac’s CME loan product, the property features a mix of one-, two-, three- and four-bedroom units.  Amenities to the property include a 12,000 square foot clubhouse that includes a large gathering area with flat screen televisions, pool tables, a business center, private study lounges, movie theater room, gaming and music rooms, and a fitness center with a climbing wall, an aerobics room, tanning beds and a resort-style heated pool / hot tub.  Another swimming pool is located outside along with volleyball and Bocce ball courts.

“Freddie Mac appreciated the borrowers’ value creation with these unique properties. Both the production and underwriting groups at Freddie Mac and Grandbridge put their collective shoulders to the wheel to make these deals happen,” said Ortlip.

Charlotte, N.C.-based Grandbridge, a subsidiary of 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 a proprietary lending platform. The company is a Freddie Mac program Plus® Seller/Servicer and Targeted Affordable Housing lender, a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender and an FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare approved 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. Grandbridge has a current servicing portfolio of $24 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.

As of December 31, 2010, BB&T is one of the largest financial services holding companies in the U.S. with $157.1 billion in assets and market capitalization of $18.3 billion. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C.  More information about BB&T and its full line of products and services is available at www.BBT.com.