Ortlip of Grandbridge Real Estate Capital originates first mortgage financing: $75.83 million

Grandbridge Real Estate Capital recently closed a $75.83 million first mortgage loan secured by Bank Street Commons, a 502-unit, class A high rise multifamily property. Completed in 2004, the property consists of two towers (21 and 22 stories) comprised of one- and two-bedroom units, connected by a common area occupied by two retail tenants. The buildings are near the Metro North train station, allowing easy access to New York City. The transaction was originated by Mike Ortlip of the Charlotte, N.C. production office of Grandbridge. Proceeds from this seven-year fixed rate transaction followed closely on the heels of the acquisition of the property by a pension fund advisor. The borrower's equity injection coupled with the property's location, operating history and sponsorship enabled both Grandbridge and Fannie Mae to deliver a loan with full-term interest-only at aggressive pricing. The sponsor ultimately chose the Grandbridge Fannie Mae execution based on the highly competitive financing terms offered, as well as Grandbridge and Fannie Mae's ability to meet a very compressed closing deadline. Grandbridge coordinated with Fannie Mae's borrower team to underwrite, approve and issue a commitment within two weeks of application. Charlotte, N.C.-based Grandbridge, a subsidiary of 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 a proprietary lending platform. The company is a Fannie Mae DUS (Delegated Underwriting and Servicing) lender, Freddie Mac program Plus Seller/Servicer and Targeted Affordable Housing lender and FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare approved 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 $24 billion and represents approximately 100 capital providers. As of December 31, 2010, BB&T is one of the largest financial services holding companies in the U.S. with $157.1 billion in assets and market capitalization of $18.3 billion. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C.