Grandbridge Real Estate Capital recently closed a $30,500,000 first mortgage loan secured by a 124-unit, Class A property in Minneapolis, Minn. The financing was originated by Minneapolis-based Vice President Matt Halberg.
The loan was funded through Grandbridge’s exclusive balance sheet lending platform, BB&T Real Estate Funding (BBTREF). This nonrecourse refinance featured a seven-year term with three years of interest-only followed by a 30-year amortization, closing with a fixed interest rate in the mid four percent range.
BB&T Real Estate Funding (BBTREF), a wholly owned subsidiary of Grandbridge Real Estate Capital, offers both fixed and floating rate nonrecourse loan products for all major property types across the United States.
The combination of BBTREF's responsiveness, reliability, structuring capabilities and pricing, combined with Grandbridge’s knowledgeable professionals, makes it one of the strongest, most competitive nonrecourse lending products in the market. BBTREF’s permanent, fixed rate loan program offers some of the most attractive prepayment flexibility in the market by allowing its loans to be prepaid halfway through the loan term for only a 0.5% exit fee.
The property was developed by Curt Gunsbury of Solhem Companies and was 100 percent leased within three months of construction completion, a testament to the product Gunsbury creates and the property’s premier Minneapolis North Loop location. A vibrant, walkable community, the North Loop is home to many popular restaurants and shops. In the past few years the North Loop has become one of the most highly desired residential neighborhoods in the Twin Cities. The property features a high-end amenity package that includes: a fitness center, yoga room, rooftop deck, underground parking, and community lounge.
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding. The company is a Freddie Mac Multifamily Approved Seller/Servicer for Conventional and Seniors Housing, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $29 billion, Grandbridge, an S&P strong rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations. More information about Grandbridge and its full line of products and services is available at Grandbridge.com.
About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $220.7 billion in assets and market capitalization of approximately $40.6 billion as of March 31, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates more than 2,000 financial centers in 15 states and Washington, D.C. More information about BB&T and its full line of products and services is available at BBT.com.