Dealmaker: Grandbridge Finances $48M
Grandbridge, Charlotte, N.C., closed $48.4 million in first mortgage loans secured by multifamily and industrial assets in three states.
In Gastonia, N.C., Grandbridge Senior Vice President Brett Mason originated a $10.4 million acquisition loan secured by apartment community Walker’s Ridge. The permanent loan was funded through Fannie Mae’s Standard Delivery/Green Rewards loan program.
The firm also closed two acquisition/bridge loans for Greenville, S.C. multifamily properties. Senior Vice President Mike Ortlip and Vice President Josh Davis originated the transactions, which were funded through Grandbridge’s balance sheet lending platform, BB&T Real Estate Funding.
Both non-recourse acquisition/bridge financings included an initial interest-only period followed by a 30-year amortization schedule and closed with interest rates in the low four percent range. The first transaction was a $21.6 million loan secured by Metropolitan Apartments, a 246-unit property. The second transaction, a $13.6 million acquisition/bridge loan, was secured by 172-unit property 2900 North Apartments.
Grandbridge also closed a $2.8 million loan secured by a 74,595 square foot office/warehouse building in Edina, Minn. Vice Presidents Tony Carlson and Brett Olson originated the refinance transaction.
A life insurance company funded the 10-year loan with a 20-year amortization schedule. The fixed-rate loan priced in the mid-four percent range.
“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 loan,” Carlson said.