Grandbridge Real Estate Capital’s Greenville office co-managers Bill Mattice and Phillip Cox recently originated a $90 million first mortgage loan secured by South Beach Marina Apartments in San Francisco, Calif.
The permanent, fixed-rate loan was funded through one of Grandbridge’s insurance correspondents and was structured with a 12-year, interest-only term. The borrower is a state pension fund advised by L&B Realty.
Built in 1989, the 414-unit, mid-rise South Beach Marina Apartments is comprised of five buildings located in San Francisco’s South of Market (SOMA) neighborhood. The property features 4,708 square feet of retail on the ground floor, currently occupied by two restaurants and a salon.
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans, services loan portfolios, and provides asset and portfolio management through its broad investor base.