Grandbridge Real Estate Capital recently closed two first mortgages secured by two aged-restricted properties totaling more than 100 units in the Twin Cities. The combined loan amount was in excess of $22 million. The refinances were originated by Minneapolis-based Vice President Tony Carlson.
Funding for the loans was provided through Fannie Mae’s DUS loan program. By making the properties more energy efficient the borrower was able to achieve a lower interest rate by utilizing Fannie Mae’s Green loan program. Both loans were structured with 75 percent loan-to-value, an interest-only period and closed with interest rate in the mid three percent range.
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 OptigoSM Multifamily lender, 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. More information about BB&T and its full line of products and services is available at BBT.com.
