Dealmaker: Grandbridge Arranges $68M for Multifamily
Michael Tucker firstname.lastname@example.org
Grandbridge Real Estate Capital, Charlotte, N.C., closed $67.5 million in financing for North Carolina, South Carolina and Minnesota multifamily assets.
In Greensboro, N.C., Grandbridge Senior Vice President Mike Ortlip and Vice President Josh Davis originated $22.9 million to refinance Andover Park Apartments and Abernathy Park Apartments. Both loans refinanced floating-rate Freddie Mac acquisition loans Grandbridge arranged in 2016.
Funding for the new fixed-rate loans came through Freddie Mac's Green Up program. Both seven-year loans nonrecourse loans came with an initial interest-only period followed by a 30-year amortization schedule.
Constructed in 2007, 216-unit Abernathy Park Apartments includes nine three-story buildings five miles south of downtown Greensboro. Andover Park Apartments totals 120 units 10 miles southwest of downtown Greensboro.
Grandbridge also closed a $30.5 million first mortgage secured by a 124-unit property in Minneapolis. Vice President Matt Halberg originated the financing, which was was funded through the firm's balance sheet lending platform, BB&T Real Estate Funding. The seven-year nonrecourse refinance closed with a fixed interest rate in the mid-four percent range.
Solhem Cos. Owner Curt Gunsbury developed the Class A property in Minneapolis' North Loop, which was fully leased within three months of completion.
In Columbia, S.C., Grandbridge closed a $14.1 million first mortgage secured by 272-unit Park at Boulder Creek Apartments. Senior Vice President Alan Tapie originated the permanent fixed-rate loan, which Freddie Mac later purchased.
"The acquisition represented an opportunity for the client to take advantage of a stable cash flowing asset and hedge their interest rate risk with a seven-year fixed-rate loan," Tapie said.