FAYETTEVILLE, Ark., Oct. 26, 2012— Grandbridge Real Estate Capital recently closed a $6,225,000 first mortgage loan secured by Eco Modern Flats, a 96-unit LEED Platinum multifamily property located near the University of Arkansas. The permanent fixed rate loan was originated by Atlanta-based Senior Vice President Alan Tapie.
Funding for the loan was provided by Fannie Mae and was structured with a 10-year term, 30-year amortization and closed with an interest rate of 3.98 percent. “This refinance allowed the owner to retire the current bank loan and fix the interest rate below 4.0 percent for 10 years,” explained Tapie.
The property is the first multifamily community in Arkansas to be awarded LEED Platinum Certification. Green design elements include solar heated hot water, landscaping with native plants, innovative heating and cooling systems and rainwater harvesting. Other amenities include a swimming pool, community area with an outdoor fireplace and grilling area, and rooftop patio.
“This asset is one of the most impressive renovation jobs we have seen. The rehab was extensive and brought the property up to today’s tenants’ high standards. It has been well received by students at the University,” said Tapie.
About Grandbridge Real Estate Capital LLC
Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (BB&T), has a broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding. The company is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller/Servicer, and an approved FHA MAP and LEAN healthcare lender. Grandbridge 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 $26 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.
As of September 30, 2012, BB&T is one of the largest financial services holding companies in the U.S. with $182.0 billion in assets and market capitalization of $23.2 billion. Based in Winston-Salem, N.C., the company operates approximately 1,850 financial centers in 12 states and Washington, D.C. More information about BB&T and its full line of products and services is available at www.BBT.com.