Dealmaker: Grandbridge Arranges $93M

Grandbridge Real Estate Capital, Charlotte, N.C., closed a $42.4 million first mortgage loan secured by Atlanta multi-tenant office building Live Oak Square.

Senior Vice President Alan Tapie originated and an insurance company funded the loan.

The 200,400-square-foot asset is in uptown Atlanta’s Buckhead submarket. “The acquisition represented an opportunity for the borrower to capitalize on the dynamic Buckhead location by utilizing new leasing and capital strategies for the asset,” Tapie said. “The financing featured a five-year all-in term with prepayment flexibility and future funding capabilities for tenant buildout and capital expenses.”

Grandbridge also closed a $44 million first mortgage secured by Crowne at Timberline, a 310-unit Class A multifamily community in south Ft. Collins, Colo. Senior Vice President William Silsbee originated the transaction. Funding for the fixed-rate loan was arranged through one of Grandbridge’s correspondent insurance company lenders and featured a 10-year term, 30-year amortization, and an initial period of interest only.

The loan closed with an interest rate in the mid three-percent range, Silsbee said, noting loan proceeds will pay off a construction loan.

The firm also closed a $7 million first mortgage secured by 6606 Tussing Road, a 496,000-square-foot industrial R&D/flex facility on 29 acres in Columbus, Ohio. Grandbridge Senior Vice President Ted Schmidt originated the refinance/cash out transaction.

A bank provided the 10-year loan with a 15-year amortization schedule. It closed with a 4.25 percent fixed interest rate for five years.