Dealmaker: Grandbridge Real Estate Capital Closes $22M in Multifamily Loans

Grandbridge Real Estate Capital, Charlotte, N.C., secured $22.4 million for multifamily assets in Texas and Minnesota.

Chelsea Creek Apartments

Birmingham, Ala.-based Grandbridge Vice President Paul Harbor closed $19.4 million to refinance 150-unit Chelsea Creek Apartments and 160-unit The Ashton in Tyler, Texas.

Chelsea Creek Apartments received a $10 million loan. The 10-year Freddie Mac loan included a 30-year amortization schedule. The property features private entrances, hardwood flooring and a balcony or patio for every unit.

The Ashton received a $9.3 million fixed-rate Freddie Mac mortgage. The 10-year loan was structured with full-term interest-only payments.

Grandbridge also closed a $3 million supplemental loan secured by a 100-unit Minneapolis, Minn., multifamily property. Originated by Vice President Tony Carlson, the fixed-rate, non-recourse loan was funded through a life insurance company.

Carlson structured the loan to end at the same time as the first mortgage with a 20-year amortization schedule.