Dealmaker: Grandbridge Arranges $102M in Georgia, Ohio

Grandbridge Real Estate Capital, Charlotte, N.C., closed three loans totaling $102.1 million on apartment and office properties in Atlanta and in Columbus, Ohio.

Grandbridge Senior Vice President Alan Tapie and Assistant Vice President Thomas Wiedeman arranged $52 million secured by The Bricks Perimeter Center, a 448-unit Atlanta apartment community. BB&T Real Estate Funding funded the nonrecourse loan, which featured an interest-only period and a fixed interest rate below 4 percent.

Tapie said the loan also included a very flexible prepayment structure. “To meet the client’s needs we were able to structure a long-term permanent loan with the flexibility of a short-term bank loan, giving the client options during the loan term,” he said.

Also in Atlanta, Wiedeman and Grandbridge Senior Vice President Tom Walsh originated $25.2 million through BB&T Real Estate Funding for 1776 Peachtree, a 215,000-square-foot office building in the city’s Buckhead submarket. Walsh said the borrower plans to renovate and reposition the property into a modern office environment to appeal to firms seeking high-quality office space in a prime urban location.

“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. “The borrower had to move quickly to the closing table and our proprietary lending platform worked diligently to close the transaction within 20 days of receiving a signed term sheet.”

In Columbus, Grandbridge secured $24.9 million through Freddie Mac’s Capital Markets Execution program to refinance The Charleston, a 287-unit Class A apartment community. Grandbridge Senior Vice President Ted Schmidt said the 15-year loan featured 12 months of interest-only payments and a 30-year amortization schedule. He noted that Freddie Mac’s CME option enabled a 15-year fixed-rate financing for this two-phase project that had been financed with two different lenders.

“Obviously, a 15-year fixed-rate term with a 30-year amortization schedule was very attractive to this sponsor, who is a long-term holder of assets,” Schmidt said.