Dealmaker: Grandbridge Closes $81M in Multifamily Loans

Grandbridge Real Estate Capital, Charlotte, N.C., arranged $81 million to refinance apartment properties in three states.

Grandbridge Senior Vice Presidents Bill Mattice and Phillip Cox arranged a five-year $23 million first mortgage secured by Azul at Baldwin Park, a 178-unit Class A community in Orlando, Fla. A joint venture between Jefferson Apartment Group and Pacolet Milliken Enterprises Inc. owns the property.

A life insurance company supplied the full-term interest-only loan.

“The resort-style property is located within Baldwin Park, an 1,100-acre Orlando development which is home to 8,000 residents, more than 125 businesses and over 200 acres of parks and lakes,” Mattice said.

In Chicago suburb Lisle, Ill., Grandbridge Vice President Ben Fazendin originated a $26 million first mortgage through Fannie Mae’s Delegated Underwriting and Servicing program.

A 308-unit apartment property secures the 10-year nonrecourse fixed- rate loan that includes several years of interest-only payments.

Fazendin said the loan enabled the borrowers to accomplish all their refinancing goals, including returning some equity to the principals.

Grandbridge Senior Vice President Taylor Williams and Assistant Vice President James Hoggatt also originated four refinance transactions totaling $31.8 million secured by four multifamily properties in Florida and Georgia.

Grandbridge arranged funding of the permanent loans through Freddie Mac’s Capital Markets Execution multifamily loan product, enabling it to structure the nonrecourse loans with an initial period of interest-only, 10-year terms and 30-year amortizations, Williams said. “In order to eliminate interest rate risk, the borrowers chose Freddie Mac’s Early Rate-Lock option on all four transactions,” he  said.