Dealmaker: Grandbridge Real Estate Capital Secures $50M

Grandbridge Real Estate Capital, Charlotte, N.C., secured $50.2 million for multifamily and retail properties in three states.

Chelsea Creek Apartments

In Sioux Falls, S.D., Grandbridge Vice Presidents Brett Olson and Matt Halberg originated a $26.1 million refinance loan secured by a 250-unit multifamily property. The 10-year nonrecourse loan was funded through Freddie Mac’s Standard Delivery loan product and included a 36-month interest-only period.

Grandbridge’s Birmingham, Ala.-based Vice President Paul Harbor also closed $19.4 million in Freddie Mac refinance loans for two Tyler, Texas multifamily properties, Chelsea Creek Apartments and The Ashton.

Chelsea Creek Apartments, a 180-unit property, secured a $10 million refinance. Harbor structured the transaction with a 10-year term and 30-year amortization schedule. The 160-unit Ashton secured a $9.3 million fixed-rate loan with a 10-year interest-only period.

Working from the firm’s Columbus office, Grandbridge Senior Vice President Craig Kegg arranged $4.7 million in financing for a two-property portfolio in Lorain, Ohio. The two assets, apartment property Fairway East Apartments and multi-tenant office building City Center, were secured by separate loans funded through two of Grandbridge’s insurance company correspondents. Both fixed-rate transactions came with 15-year terms.