Dealmaker: Grandbridge Finances Two Properties, $45M

October 2, 2015

Grandbridge Real Estate Capital closed two loans totaling $45 million for an Alabama retail center and a Florida apartment community.

Taylor Williams, senior vice president and head of Grandbridge’s Jacksonville, Fla. office, arranged a $15.5 million first mortgage secured by Pelican Place at Craft Farms; a 230,000-square-foot Class A shopping center in Gulf Shores, Ala. Tenants include Bed Bath & Beyond, Books-A-Million, Cobb Theatre, Longhorn Steak and BBVA Compass Bank.

RCG Ventures, Atlanta, acquired the 2005-vintage center last month for $18.5 million. Transwestern Vice President Fred Victor represented seller Langley Properties Co., Lexington, Ken., in the transaction. RCG Vice President of Acquisitions Scott Tarbet represented his firm.

BB&T Real Estate Funding provided the structured non-recourse loan.

Williams and Grandbridge Vice President Purvesh Gosalia also originated $29.5 million for Integra Meadows at ChampionsGate, a 304-unit Class A apartment community in Davenport, Fla. near Walt Disney World Resort and master-planned community Celebration. BB&T Real Estate Funding funded the fixed-rate, nonrecourse loan.