Grandbridge Closes $567M Multifamily Portfolio
The 11-property portfolio consists of class-A communities located in Florida, Georgia and Nevada.
CHARLOTTE, NC – Grandbridge Real Estate Capital LLC, along with a government-sponsored enterprise, has funded $567 million in financing, for the recapitalization of a multifamily portfolio.
The multifamily portfolio encompasses 11, class-A properties located in Florida, Georgia and Nevada. Seven of the properties are located in the Las Vegas metropolitan area, three of the properties are located in South Florida and one property is located in the Atlanta, GA metropolitan area. The garden-style communities comprise nearly 3,300 market-rate rental units, featuring one-, two- and three-bedroom floorplans.
The loan has been structured to consist of individual long-term, fixed-rate first mortgages, and offers interest-only periods, followed by amortization and low-three percent interest rates. The loan exceeded 70% of the portfolio’s capitalized value, providing a historical cash-out refinance for the borrower.
Grandbridge implemented green financing into the loan, allowing for the multifamily properties to undergo green improvements; expecting to accomplish a 30% reduction in energy and water consumption.
Senior vice president, Don Curtis, vice president, Hunter Curtis and vice president, Taylor Curtis of Grandbridge originated the transaction on behalf of Olen Properties Corp. Grandbridge has completed numerous transactions for Olen Properties Corp. throughout the past few years.
Grandbridge Real Estate Capital LLC, headquartered in Charlotte, NC, is a subsidiary of Branch Banking and Trust Company (BB&T). The firm arranges permanent commercial and multifamily real estate loans, services loan portfolios, and offers asset and portfolio management through its investor base and proprietary lending platform. The firm holds a current servicing portfolio of $29.6 billion.
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