Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Co., has facilitated the closing of a $1.8 million refinance loan for Oak Hills West Apartments in Lorain, Ohio. Structured with a 12-year term and 12-year amortization, the deal closed with an interest rate of 5.01 percent. Senior Vice President Craig Kegg of the firm’s Columbus office originated the permanent, fixed rate loan through one of Grandbridge’s insurance company correspondents.
Located at 4749 Oak Point Road, Oak Hills West Apartments is roughly 35 miles from downtown Cleveland. Built in 1983 in two phases, the 132-unit property is close to Mercy Regional Medical Center and a Walmart Supercenter. According to Yardi Matrix data, United Property Management owns and manages the six-building asset encompassing one- to three-bedroom apartments.
Last year, Grandbridge closed a $21 million first mortgage loan for Stuart Hill Apartments, a 180-unit recently renovated community in Winchester, Va.
Image courtesy of Yardi Matrix