JACKSONVILLE, Fla. — Grandbridge Real Estate Capital recently originated and closed a $72,030,000 first mortgage loan is secured by Paradise Island. Located in Jacksonville, Fla., the award-winning 1,112-unit garden-style community was constructed in four phases between 1990 and 1999.

Grandbridge Jacksonville-based Senior Vice President Taylor Williams arranged the transaction. Funding for the Early Rate Lock transaction was provided through Freddie Mac’s Capital Markets ExecutionSM (CME) loan product. 

The seven-year refinance closed with an interest rate in the low four percent range. The loan is interest-only for the first two years and then amortizes on a 30-year schedule thereafter.

The community, managed by Perimeter Realty, Inc., consists of one-, two- and three-bedroom apartment homes. In addition to high-end interior finishes, property amenities include four community swimming pools, a community center, large laundry facilities, fitness centers, racquetball, tennis and volley ball courts, garages and extensive landscaping.

About Grandbridge Real Estate Capital

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® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable 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 $24.98 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.