Grandbridge Real Estate Capital recently closed a $43,775,000 first mortgage construction/renovation loan secured by a student housing property located in Iowa City, Iowa.
Minneapolis-based Vice President’s Brett Olson and Dick Riley originated the transaction.
The 24-month, interest-only loan was funded through one of Grandbridge’s specialty lending relationships.
Property developer, The Tailwind Group, will be converting an existing 400-unit market rate apartment complex into a 336-unit premier student housing community called Quarters at Iowa City. The property is well located near the University of Iowa and Kirkwood Community College in Iowa City.
Proposed work will include the renovation of 16 existing buildings, eight new construction buildings and a new two-story clubhouse. Community amenities will include a 15,200 square foot clubhouse, resort style pool, 24-hour fitness center, student lounge, and outdoor sport courts. Quarters at Iowa City will open in August 2017.
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its 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 Freddie Mac Multifamily Approved Seller/Servicer for Conventional and Seniors Housing, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of more than $30 billion, Grandbridge, an S&P strong rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations. More information about Grandbridge and its full line of products and services is available at Grandbridge.com.
About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $222.6 billion in assets and market capitalization of $30.6 billion as of Sept. 30, 2016. Based in Winston-Salem, N.C., the company operates 2,220 financial centers in 15 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at BBT.com.
