Grandbridge Real Estate Capital Arranges $147M for Hotel, Multifamily
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Grandbridge Real Estate Capital, Charlotte, N.C., arranged $147 million to refinance three hotel and multifamily properties in Colorado and Georgia.
In Boulder, Colo., the firm closed a $65 million first mortgage secured by the 201-room St. Julien Hotel and Spa. Grandbridge Rockies Region Office Manager John Stewart originated the permanent, fixed-rate loan, which a life insurance company funded.
Grandbridge also closed a $44 million first mortgage secured by Crowne at Timberline, a 310-unit Class A multifamily community in Ft. Collins, Colo.
William Silsbee, Senior Vice President in Grandbridge's Birmingham, Ala. office, originated the transaction and a life insurance company provided the 10-year fixed-rate loan with 30-year amortization schedule and an initial interest-only period. Silsbee said the loan closed with an interest rate in the mid-three percent range and loan proceeds will pay off a construction loan on the property.
In Augusta, Ga., Grandbridge Real Estate Capital closed a $38 million first mortgage secured by 300-unit multifamily community Grand Oaks at Crane Creek. Freddie Mac funded the floating-rate loan, which included an interest-only period initial, a seven-year term and 30-year amortization. It closed with an interest rate in the low three percent range.
The loan was originated by Grandbridge Greenville, S.C., office Co-Managers Bill Mattice and Phillip Cox.