ATLANTA, GA - The Atlanta office of Grandbridge Real Estate Capital recently originated and closed two Atlanta area multifamily transactions totaling $9,469,400. The first transaction was a $6,320,000 first mortgage loan secured by Kendall Creek Apartments, a 308-unit multifamily community in Norcross, Ga. The acquisition was funded through BB&T Real Estate Funding, a proprietary lending platform of Grandbridge.
Source: Grandbridge Real Estate Capital
"In addition to understanding the excellent multifamily investment opportunity that exists in this market, Grandbridge was able to structure the nonrecourse, acquisition/rehab bridge loan at a competitive rate that made sense for the client and the investor," explained Atlanta-based transaction originator Grandbridge Vice President Alan Tapie.
Located in the Peachtree Corners submarket, the Gwinnett County property recently underwent significant renovations. The new owner, Cortland Partners, plans to address deferred maintenance including exterior paint, roof replacement and storm drainage repair. Property amenities include a newly renovated swimming pool, business center, fitness center and clubhouse.
The second transaction was a $3,149,400 first mortgage loan secured by Lake Colony Apartments, a 172-unit multifamily community also in Norcross, Ga. The acquisition was funded through CUNA Mutual, a Grandbridge insurance company correspondent, for Newark, N.J.-based Gladiator LLC.
"The borrower's solid equity, strength and experience enabled the lender to get comfortable with the loan," explained Tapie. Amenities of the 1970s-era DeKalb County property include a swimming pool, sports court and clubhouse.
Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T, has a broad investor base that includes insurance companies, pension fund advisors, CMBS investors, commercial banks and capital markets investors, as well as a proprietary lending platform. The company is a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender, a Fannie Mae DUS® lender, and an FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare approved lender.
The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. Grandbridge has a current servicing portfolio of more than $24 billion and represents approximately 100 capital providers.