Grandbridge Real Estate Capital recently closed a $22,300,000 first mortgage loan secured by a 169-unit/496-bed Class A student housing property to be constructed in Vermillion, S.D., near the University of South Dakota. The development/construction financing was originated by Minneapolis-based Vice President Brett Olson for a repeat borrower.
The construction/mini perm loan was funded through one of Grandbridge’s banking relationships and featured a 5-year term with two years of interest-only, followed by a 30-year amortization. The loan closed with a fixed interest rate in the low five percent range.
The property consists of nine apartment buildings with a clubhouse. The units will feature new modern finishes, balconies, and spacious units for students. In addition, the clubhouse and common amenities will include: an outdoor hot tub, outdoor basketball court, workout facility, sand volleyball, tanning, coffee bar and lounge, as well as a game room. The students will enjoy a well located property within walking distance to campus.
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 $222.7 billion in assets and market capitalization of approximately $39.1 billion as of June 30, 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 more than 1,900 financial centers in 15 states and Washington, D.C., and 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.
