Grandbridge Real Estate Capital recently closed two acquisition/bridge loans for multifamily properties in Greenville.
The first transaction was a $21,630,000 first mortgage loan secured by Metropolitan Apartments, a 246-unit multifamily property, at 660 Halton Road, Greenville. The second transaction, a $13,620,000 acquisition/bridge loan, was secured by 2900 North Apartments, a 172-unit multifamily community, at 2900 E. North St., Greenville.
Grandbridge Charlotte, N.C.-based Senior Vice President Mike Ortlip and Vice President Josh Davis originated the transactions for a repeat client. The permanent loans were funded through Grandbridge’s exclusive balance sheet lending platform, BB&T Real Estate Funding. The nonrecourse acquisition/bridge financings were structured with an initial period of interest-only, followed by a 30-year amortization. The transactions closed with interest rates in the low 4 percent range.
