CHARLOTTE, N.C. – Grandbridge Real Estate Capital recently closed two first mortgage loans secured by Andover Park Apartments and Abernathy Park Apartments in Greensboro, N.C. Both loans refinanced floating rate Freddie Mac acquisition loans arranged by Grandbridge in 2016. Grandbridge Charlotte, N.C.-based Senior Vice President Mike Ortlip and Vice President Josh Davis originated the transactions.
Funding for the permanent, fixed rate refinance for Abernathy Park Apartments was arranged through Freddie Mac’s Green Up program. The nonrecourse financing was structured with an initial period of interest-only, a 7-year term and 30-year amortization. Constructed in 2007, the 216-unit, multifamily property is comprised of nine three-story buildings five miles south of downtown Greensboro. Amenities include a 24-hour business resource center, fitness center with Hoist gym equipment and free weights, pool with sundeck and Wi-Fi access, picnic and grilling areas, car wash facility, leash-free pet park, playground, paved neighborhood trail, and patrol service.
Funding for the permanent, fixed rate refinance for Andover Park Apartments was also arranged through Freddie Mac’s Green Up program. The nonrecourse financing was structured with an initial period of interest-only, a 7-year term and 30-year amortization. The 120-unit, multifamily community was constructed in 2007. Ten miles from downtown Greensboro, the property features a car care center, leash-free pet park, and picnic areas with charcoal grills.
Both loans closed with an attractive, fixed interest rate.
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.
