Grandbridge announced the recent funding of approximately $567,000,000 in financing with a GSE as part of the recapitalization of a portfolio of multifamily properties located in Florida, Georgia and Nevada. Don Curtis, along with Hunter Curtis and Taylor Curtis, originated the transaction on behalf of Olen Properties Corp.
Collectively, the 11, Class-A, garden-style communities are comprised of just under 3,300 market-rate one-, two- and three-bedroom rental units. Weston Place – Weston, FL.
The loan package is comprised of individual long-term fixed rate first mortgages and features interest only periods followed by 30-year amortization and low-three percent interest rates. The loans exceeded 70 percent of the portfolio’s capitalized value and provided a historical cash-out refinance to the borrower.
The properties are estimated to achieve a 30 percent reduction in water and energy consumption through green improvements. “Our client really wanted to ‘go green’ with this refinancing and the properties’ vintage made them perfect candidates for green financing,” said Don Curtis, the lead on Grandbridge’s Newport Beach team. “Our team was able to deliver market leading terms by leveraging our deep understanding of the various GSE green financing programs. These transactions are just a few examples of many deals we’ve completed for the borrower over the past several years.”
The portfolio is comprised of seven properties in the Las Vegas MSA, three properties in South Florida, and one property in the Atlanta MSA.
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, NC, 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 Optigo SMlender, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $29.6 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 $236.8 billion in assets and market capitalization of approximately $40.9 billion as of September 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. 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.
