Grandbridge Arranges $46M for Retail, Multifamily

Grandbridge Real Estate Capital, Charlotte, N.C., arranged $46.3 million for retail and multifamily properties in Arizona and Georgia.

In Flagstaff, Ariz., Grandbridge Denver Office Manager John Stewart closed a $21 million first mortgage secured by Aspen Place at the Sawmill, a 99,600-square-foot Class A retail property.

BB&T Real Estate Funding supplied the refinance loan.

Grandbridge also closed a $25.3 million loan secured by Capella Apartments, a 320-unit multifamily community in Tucker, Ga. Senior Vice President Alan Tapie originated the refinance for a repeat client.

Freddie Mac, McLean, Va., purchased the floating-rate permanent loan. The 10-year nonrecourse financing included an initial interest-only period.

“The Capella Apartments transaction was a refinance of a property that Grandbridge financed two years ago for the original acquisition,” Tapie said. “The refinance allows the sponsors to recapitalize their investment while also enabling them to enter into Freddie Mac’s Green Advantage program for specific upgrades that will create efficiencies with energy and water consumption at the property.”

The Freddie Mac Green Advantage program offers better loan pricing and/or more funding when the borrower commits to reducing energy or water consumption by at least 25 percent.