Grandbridge Real Estate Capital recently closed a $16,100,000 first mortgage loan secured by a 127-room Hampton Inn in Roanoke, Va.
Grandbridge Greenville-based Senior Vice Presidents Phillip Cox and Bill Mattice originated the refinance transaction.
The permanent, fixed rate loan was funded utilizing Grandbridge’s proprietary lending platform, BB&T Real Estate Funding, stabilized loan product. The nonrecourse financing was structured as interest-only for the first three years, with a 10-year term and 25-year amortization.
The property, opened in the fall of 2016, is situated in downtown Roanoke just one block south of the Historic Roanoke City Market. The three-story, 90,000 square foot structure sits atop a seven-story parking garage owned by the City of Roanoke. On-site amenities include a business center, conference/meeting rooms, garage parking, dry cleaning/laundry services, fitness center, and an arcade/game room.
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 Real Estate Funding
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 BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $222.9 billion in assets and market capitalization of approximately $37.4 billion as of September 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. More information about BB&T and its full line of products and services is available at BBT.com.
