Dealmaker: Grandbridge Real Estate Capital Arranges $49M

Grandbridge Real Estate Capital, Charlotte, N.C., closed $49.3 million in financing for multifamily, retail and office assets.

In Philadelphia, Grandbridge Vice Presidents Gill Dolan and Blake Willeford originated a $35.8 million first mortgage secured by The Edge, a purpose-built student housing property near Temple University. Freddie Mac, McLean, Va., supplied the floating-rate 10-year loan with an initial interest-only period followed by a 30-year amortization schedule.

“The client requested a floating-rate loan to facilitate the refinance of its existing commercial mortgage-backed securities mortgage,” Dolan said.

Built in 2006, the 12-story student housing community contains 1,067 beds in 602 units. It recently underwent a $2.5 million renovation to common area spaces including an enlarged lobby, a new public kitchen and special mail center to accommodate e-commerce deliveries.

Grandbridge Assistant Vice President Matthew Deal originated an $8 million loan secured by 110 N. Washington St., a suburban office building in Rockville, Md. near Washington, D.C. He said a Grandbridge insurance company correspondent provided the fixed-rate loan with a 20-year term and 20-year amortization.

The five-story multi-tenant office building contains 69,700 square feet of net rentable area on 1.3 acres. The property is currently 84 percent leased to 22 tenants.

In Waite Park, Minn., Grandbridge Vice President Tony Carlson closed a $5.5 million first mortgage secured by two single-tenant retail buildings. A life insurance company supplied a 15-year loan with a fixed interest rate below 4.25 percent.

“The interest rate was locked at application and the transaction closed in 60 days,” Carlson said. “In this rising interest rate environment, the rate lock at application allowed the borrower to mitigate interest rate risk while moving toward an attractive, long-term, non-recourse and fully amortizing loan.”