Dealmaker: Grandbridge Arranges $62M for Multifamily
Michael Tucker email@example.com
Grandbridge Real Estate Capital, Charlotte, N.C., closed $61.8 million in first mortgage loans secured by multifamily properties in Philadelphia and metro Portland, Ore.
In Philadelphia, Grandbridge Vice Presidents Gill Dolan and Blake Willeford originated $35.8 million for purpose-built student housing property The Edge.
Freddie Mac supplied the floating-rate loan. The nonrecourse financing included an initial interest-only period followed by a 10-year term and 30-year amortization.
"The client requested a floating-rate loan to facilitate the refinance of its existing commercial mortgage-backed securities mortgage," Dolan said. "Freddie Mac was able to provide the structure the borrower was looking for to refinance this modern asset."
Built in 2006, the property occupies a 1.7-acre site immediately south of Temple University's main campus. The 12-story community contains 1,067 beds in 602 units. Temple's Student Center is a three-minute walk away.
Grandbridge also closed a $26.2 million first mortgage loan secured by Alden Apartment Homes, a 210-unit community in Portland suburb Tualatin, Ore. Boston-based Senior Vice President Paul Donahue originated the transaction.
The permanent, fixed-to-float acquisition loan was funded through BB&T Real Estate Funding, Grandbridge's balance sheet loan product. The nonrecourse financing closed with an interest rate in the low four percent range.
"Our client requested a loan with generous prepayment flexibility and the maximum interest-only available in the market," Donahue said, noting the loan included four years of interest-only payments followed by a 30-year amortization. "The unique yield maintenance penalty ends at 48 months, with the remaining 45 months having only a prepayment fee of 50 basis points."