Greenville-based Grandbridge senior vice presidents Phillip Cox and Bill Mattice originated the transaction for the newly developed, 132-unit luxury multifamily property in the Adams Morgan neighborhood of Washington, D.C.
One of Grandbridge’s insurance company correspondents provided funding for the permanent, fixed-rate loan, and the nonrecourse, interest-only financing was structured with a 10-year term.
The 111,200-square-foot midrise property features a carriageway entrance, a private courtyard, an outdoor chess table, a fire pit, a resident lounge, Wi-Fi access, areas for coworking, a 24-hour fitness center, a ride-in bike room, a dog-washing station, and a rooftop terrace with grill stations, dining areas, and lounge areas.
Headquartered in Charlotte, North Carolina, Grandbridge is a subsidiary of Branch Banking and Trust Co. with a current servicing portfolio of $29 billion. Grandbridge serves as a national full-service provider in commercial and multifamily finance.