Minneapolis, Minn. — While the commercial real estate market is in the midst of a correction, Grandbridge Real Estate Capital continues to structure and arrange successful financing solutions on behalf of its clients. The Grandbridge-Minneapolis office is pleased to announce the closings of two commercial real estate loans.

Grandbridge office arranged $3.8 million in construction/rehab financing for a multifamily property located in the Twin Cities area. The loan, structured as a 12-month interest-only construction loan with the option to convert to a three-year, fixed rate loan at stabilization, allows the borrower to finish renovations and begin re-leasing the complex. Grandbridge arranged the financing through a regional bank at a competitive interest rate.

Furthermore, on behalf of a local nonprofit organization, the Grandbridge-Minneapolis office recently closed a $1.2 million refinance loan secured by a four-story medical office building located in Minneapolis. Financing was arranged through a local bank with a five-year term and 25-year amortization schedule at a fixed interest rate of approximately six percent.

Matt Halberg and Brett Olson, based in the company’s Minneapolis office, originated and closed the transactions.

Charlotte, N.C.-based Grandbridge Real Estate Capital 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.

The company is a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing Lender and a Fannie Mae Delegated Underwriting and Servicing (DUS®) Lender. Grandbridge is also a Multifamily Accelerated (FHA).

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. In 2009, Grandbridge Real Estate Capital originated and closed $2.35 billion in commercial and multifamily loans. In addition, Grandbridge has a loan servicing portfolio of approximately $24.5 billion representing nearly 100 capital providers. For details on the acquisitions and more information about Grandbridge and its locations, visit www.gbrecap.com.

Grandbridge is a subsidiary of BB&T Corporation. As of December 31, 2009, BB&T Corporation had $165.8 billion in assets and was on the nation’s top 10 financial holding companies. Founded in 1872, it operates more than 1,800 financial centers in 13 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

MEDIA

Patricia Muse
Grandbridge Marketing
205.978.1139