Grandbridge Real Estate Capital recently arranged a $13,000,000 first mortgage acquisition loan along with $5,975,500 in joint equity funding for a 334-unit multifamily property in St. Louis, Mo.
Grandbridge Kansas City-based Vice President Doug Bates originated the attractive bridge financing for the partnership equal to 65 percent of the total project budget. Ameritas provided 85 percent of the required equity, with the borrower committing the remaining 15 percent.
“The joint venture transaction fit within the ‘value-add’ investment strategy of Ameritas. They recognized the opportunity to maximize the value of the property by curing deferred maintenance, upgrading unit interiors, and implementing professional management. The bridge loan was funded through Grandbridge’s exclusive balance sheet lending platform, BB&T Real Estate Funding (BBTREF). The nonrecourse acquisition funding was structured with three years of interest-only with two, 12-month extension options, and a 30-year amortization. The transaction closed with an interest rate in the high four percent range,” said Bates.
BB&T Real Estate Funding (BBTREF), a wholly owned subsidiary of Grandbridge Real Estate Capital, offers both fixed and floating rate nonrecourse loan products for all major property types across the United States. The combination of BBTREF's responsiveness, reliability, structuring capabilities and pricing, combined with Grandbridge’s knowledgeable professionals, makes it one of the strongest, most competitive nonrecourse lending products in the market. BBTREF’s permanent, fixed rate loan program offers some of the most attractive prepayment flexibility in the market by allowing its loans to be prepaid halfway through the loan term for only a 0.5% exit fee.
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.
