Grandbridge Real Estate Capital recently closed a $24,000,000 first mortgage secured by 119 South Apartments in Mebane, N.C.
Grandbridge Charlotte, N.C.-based Senior Vice President Mike Ortlip and Vice President Josh Davis, CCIM, originated the transaction. The permanent, fixed rate loan was provided through Fannie Mae utilizing the Near-Stabilization execution. The nonrecourse financing was structured with an initial period of interest-only, followed by a 15-year term and 30-year amortization. The transaction closed with interest rates in the high four percent range.
The 264-unit, Class A multifamily community is located halfway between North Carolina’s Piedmont Triad and Research Triangle areas on 22.56 acres. Amenities to the gated community include a clubhouse with leasing office, billiards and coffee bar. Other features include a pool and sundeck, fitness center, sand volleyball courts, car wash facility, off-leash pet park, and family playground, as well as rentable garages and storage closets.
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 $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 $220.7 billion in assets and market capitalization of $40.6 billion as of March 31, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates over 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company, BB&T is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.
