Grandbridge Real Estate Capital recently closed a $14,175,000 first mortgage loan secured by Park at Boulder Creek Apartments, a 272-unit multifamily community in Columbia, S.C.
Grandbridge Atlanta-based Senior Vice President Alan Tapie originated the acquisition financing for a repeat client. The permanent, fixed rate loan was purchased by Freddie Mac. The nonrecourse financing was structured with a 7-year term and 30-year amortization, closing with an interest rate in the mid four percent range.
“The acquisition represented an opportunity for the client to take advantage of a stable cash flowing asset and hedge their interest rate risk with a seven-year fixed rate loan. The 17.6-acre garden style community is comprised of 17 two-story residential buildings, a clubhouse/leasing center and laundry building. Community amenities include a swimming pool, clubhouse, fitness center, and playground,” Tapie said.
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 $29 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.
