Grandbridge Arranges $35.25 Million for Multifamily Community Acquisitions
Mar 21, 2018 09:50AM
By Emily Stevenson
Grandbridge Charlotte, N.C.-based Senior Vice President Mike Ortlip and Vice President Josh Davis, CCIM, originated the transactions for a repeat client. The permanent loans were funded through Grandbridge’s exclusive balance sheet lending platform, BB&T Real Estate Funding (BBTREF). The nonrecourse acquisition/bridge financings were structured with an initial period of interest-only, followed by a 30-year amortization. The transactions closed with interest rates in the low four percent range.
The first transaction was a $21,630,000 first mortgage loan secured by Metropolitan Apartments, a 246-unit multifamily property in Greenville, S.C. The second transaction, a $13,620,000 acquisition / bridge loan, was secured by 2900 North Apartments, a 172-unit multifamily community, also located in Greenville.
“The BBTREF team did a really great job throughout the entire process. Underwriting, approvals, and closings were smooth, as quoted, and timely. BBTREF was in position well in advance of the actual closings,” Ortlip said.