Dealmaker: Grandbridge Closes $81M in Alabama, Minnesota

Grandbridge Real Estate Capital, Charlotte, N.C., closed $80.7 million secured by assets in Alabama and Minnesota.

Bill Mattice and Phillip Cox, who co-manage Grandbridge’s Greenville, S.C. office, originated $58 million through New York Life for an institutional investor.

The Shoppes at EastChase and EastChase Plaza in Montgomery, Ala. secure the 10-year refinance loan, which includes four years of interest-only amortization. The 389,000-square-foot power center houses more than 50 stores including Banana Republic, DSW, Ann Taylor, Coldwater Creek and Williams-Sonoma.

In Minnesota, Grandbridge Vice President Tony Carlson closed three transactions totaling $22.7 million, including $12.1 million for a 92,000-square-foot Rochester office building. A life insurance company provided the 15-year fixed-rate loan at a sub-4 percent rate. Carlson said the nonrecourse loan enabled the borrower to retire existing debt and substantially lower its interest rate.

“The rate, locked at application, featured a forward rate lock, thereby eliminating interest rate risk during the closing process, better meeting borrower’s objectives,” Carlson said.

Carlson also arranged a $6 million loan secured by a 62,000-square-foot Shorewood, Minn. retail center. A life insurance company provided the 10-year fixed-rate financing with a 25-year amortization schedule.

In Minneapolis’ historic North Loop district, Carlson arranged a $4.6 million commercial mortgage-backed securities loan secured by a four-story, 62,000-square-foot office building. The loan featured a 10-year fixed-rate term with a 30-year amortization schedule.