Dealmaker: Grandbridge Secures $58M for Office, Retail

Grandbridge Real Estate Capital, Charlotte, N.C., closed two loans totaling $58.4 million for North Carolina and Arizona office and retail assets. 

Grandbridge Vice President Chris Caison closed a $45.5 million first mortgage loan secured by a five-asset office portfolio in Charlotte, N.C. A life insurance lender funded the fixed-rate loan.

Beacon Partners, Charlotte, refinanced the 246,000-square-foot portfolio. Caison said Beacon leases and manages more than nine million square feet of office and industrial real estate throughout the Carolinas.

Grandbridge also arranged a $12.9 million construction loan secured by Arizona Pavilions Phase II, a 111,000-square-foot to-be-built retail property in the Tucson area. Vice President Jason Bartlein of Grandbridge’s Houston office originated the loan.

A specialty finance company funded the three-year interest-only loan.

“This big-box retail project was pre-leased to five junior anchors, Ross, Petco, T.J. Maxx, HomeGoods and Dollar Tree, that will comprise 90 percent of the net rentable area,” Bartlein said. He noted that the construction lending environment has become much more challenging, but said Grandbridge located bank-alternative financing that provided a 75 percent of cost loan with the guarantee limited to project completion.