Dealmaker: Grandbridge Provides $69M for Atlanta-Area Properties
Grandbridge Real Estate Capital, Charlotte, N.C., closed three Atlanta-area loans totaling $68.7 million for multifamily and office assets.
Grandbridge Senior Vice President Alan Tapie closed a $20.7 million acquisition loan secured by a first mortgage on Brodick Hill Apartments, a 312-unit property in Lithia Springs, Ga., and a $22.8 million acquisition loan secured by a first mortgage on Ivy Commons Apartments, a 344-unit Marietta, Ga. community.
“The properties were acquired by a repeat Grandbridge client,” Tapie said. “Grandbridge and Freddie Mac structured floating-rate loans that achieved the borrower’s desire for flexibility and low interest rate with an interest-only period.” Funding for both loans came through Freddie Mac’s Capital Markets Execution loan product. The 10-year nonrecourse loans both have 30-year amortization schedules.
Grandbridge also arranged $25.2 million for 1776 Peachtree, a 215,000-square-foot office building on Atlanta’s Peachtree Road.
Built in 1963 and last renovated in 1998, the borrower plans to renovate and reposition 1776 Peachtree into a modern office environment to appeal to firms that need Class A urban office space. Grandbridge Senior Vice President Tom Walsh and Assistant Vice President Thomas Wiedeman originated the loan from the firm’s Atlanta office.
Grandbridge’s proprietary lending platform BB&T Real Estate Funding funded the nonrecourse loan.
“[We] secured a floating-rate loan that provides the borrower with an attractive sub-3.5 percent interest rate, future funding for renovations, tenant improvements and leasing commissions as well as partial interest-only and a flexible prepayment structure,” Walsh said. He noted that the borrower had to move quickly to the closing table so they closed the transaction within 20 days of receiving a signed term sheet.
After the renovation, the building will feature exposed ceilings, two rooftop deck common areas, street-level restaurants and building façade upgrades.
