Grandbridge Real Estate Capital, Charlotte, N.C., originated and closed more than $69 million for multifamily properties in Florida, Louisiana, Wisconsin and Virginia.
Lance Lehman, senior vice president, and Mitch Sinberg, assistant vice president in the Grandbridge Ft. Lauderdale, Fla., office, originated a $13.6 million secured by Bella Vista Apartments in Port St. Lucie, Fla.
The borrower refinanced his existing Freddie Mac loan. Freddie Mac purchased the refinance loan under its Capital Markets Execution loan program.
Bella Vista Apartments, built in 2002, is a 268-unit, class A garden-style multifamily community on 54.77 acres. It features 17 buildings with a mix of one- and two-bedroom units with cathedral ceilings.
Eli Gershenson, vice president at Grandbridge’s Dallas office, originated a $16.009 million fixed-rate acquisition loan secured by Sterling Northgate Apartments, a 98-unit/348-bed multifamily student housing property in Baton Rouge, La.
Fannie Mae funded the loan under its Delegated Underwriting and Servicing loan program with an interest rate in the low 5-percent range and a 10-year term, amortized for 30 years.
“Working directly with Fannie Mae, [we were] able to offer a maximum proceeds loan with two and a half years of interest only, enabling the borrower to maximize his return through the acquisition of this asset while meeting the borrower’s strict timeline for commitment and closing,” Gershenson said.
Developed in 2006 on a two-acre parcel two blocks north of the campus of Louisiana State University, Sterling Northgate Apartments consists of six floors with two-bedroom/two-bathroom and three-bedroom/three-bathroom units.
Jim Cope, senior vice president in Grandbridge’s Milwaukee office, originated a $22 million first mortgage secured by Hidden Oak Estates in Pleasant Prairie, Wis. Freddie Mac purchased the fixed-rate refinance loan under CME and its Early Rate-Lock delivery with an interest rate in the low 4 percent range and a 10-year term, amortized for 30 years.
Hidden Oak Estates, within the Milwaukee metropolitan site assessment area, is a 33-acre, 324-unit multifamily community with nine, three-story buildings and a mix of one-, two- and three-bedroom units.
Paul Aanonsen and Jack Bauer, senior vice presidents at Grandbridge’s Washington, D.C., office, originated an $8 million fixed-rate loan secured by Huguenot Apartments, a 296-unit multifamily community in Richmond, Va.
Freddie Mac purchased the refinance loan under its CME loan program with a 10-year term, interest-only.
Aanonsen and Bauer also originated a $4.2 million loan secured by Canterbury Square Apartments, a 152-unit multifamily community in Ft. Belvoir, Va.
The fixed-rate Fannie Mae DUS refinance carries a 10-year term, amortized for 30 years. The 6.4-acre community, built in 1964, features two three-story buildings with a mix of studio, one- and two-bedroom units. Canterbury Square Apartments is 20 miles south of the Washington, D.C., central area.
Alan Tapie, vice president at Grandbridge’s Atlanta office, originated a $5.5 million bridge loan secured by Woodhaven on Brockett Apartments, a 276-unit multifamily community in Clarkston, Ga. Mutual of Omaha Bank, Omaha, Neb., provided funding for the acquisition.
Financing includes a three-year term with two, three-year extensions, an interest rate in the low 5 percent range and 24 months interest-only followed by a 25-year amortization schedule. The garden-style multifamily community is in the Atlanta metropolitan site assessment area.