Grandbridge Real Estate Capital recently closed a $21,000,000 loan secured by The Patton, a 117-unit, Class “A+” multifamily property in Asheville, NC. Originated by Charlotte, NC-based Vice President John Hankins and Analyst Zach Keiger, CCIM, the permanent, fixed rate nonrecourse loan was funded through Fannie Mae’s DUS® Streamlined Rate Lock (SRL) loan product. The transaction was structured with a 10-year term and 30-year amortization.
“Fannie Mae's SRL execution was utilized to expedite the rate lock timeline for the borrower,” said Hankins.
Located in Asheville’s Central Business District, The Patton includes a mix of studio, one- and two-bedroom apartments. The units are designed with high-end finishes such as quartz countertops, European cabinets, and stainless steel appliances. Amenities include a fitness center, secure bike storage facility, outdoor entertainment area and community lounge with 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 Fannie Mae DUS® lender, a Freddie Mac OptigoSM Multifamily lender, and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $29.5 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 $230.9 billion in assets and market capitalization of approximately $37.6 billion as of June 30, 2019. 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 1,700 financial centers in 15 states and Washington, D.C. More information about BB&T and its full line of products and services is available at BBT.com.
