Dealmaker: Grandbridge Arranges $77M for Office, Hotel, Multifamily

Grandbridge Real Estate Capital, Charlotte, N.C., closed $77 million in financing for office, hotel and apartment assets in Georgia, Virginia and South Carolina.

The firm closed a $29.4 million first mortgage loan secured by 900 Ashwood Parkway, a 205,271 square foot, Class A office building. Parmenter Realty Partners, Miami, acquired the asset in October.

Grandbridge Senior Vice President Alex Haw originated the transaction, which was funded through the firm’s proprietary lending platform, BB&T Real Estate Funding.

“Given the quality of the real estate and sponsorship, Grandbridge was able to use its own balance sheet to provide competitive terms and pricing for this repeat institutional client,” Haw said.

Grandbridge also facilitated a $16.1 million hospitality property refinance in Roanoke, Va. Senior Vice Presidents Phillip Cox and Bill Mattice originated the fixed-rate loan secured by a 127-room Hampton Inn through BB&T Real Estate Funding’s stabilized loan product. The 10-year non-recourse financing included interest-only payments for the first three years.

The property opened in late 2016 in downtown Roanoke 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.

The firm also closed a $31.5 million first mortgage loan secured by Crowne at Live Oaks Square, a 282-unit Charleston, S.C., multifamily community.

Funding for the fixed-rate loan was arranged through Freddie Mac Lease-Up loan program for refinancing newly constructed properties. The 11-year non-recourse financing included an initial interest-only period.

Constructed on Charleston’s Johns Island in 2017, the Class A multifamily property includes 11 three- and four-story buildings on 18.9 acres.