Grandbridge Real Estate Capital LLC has closed a $21 million first mortgage loan secured by Stuart Hill Apartments in Winchester, Va. The 180-unit property is fewer than 20 miles distant from both I-66, providing direct access to the nation’s capital and the I-95 corridor, putting it within commuting distance of the Washington, D.C., area.
The permanent, fixed-rate loan was arranged through Freddie Mac. The non-recourse financing was structured with an initial period of interest-only, followed by a 10-year term and 30-year amortization. Washington, D.C.-based Grandbridge Senior Vice President Paul Aanonsen originated the transaction for a repeat client.
Stuart Hill Apartments was recently renovated. It encompasses a dozen three-story buildings on just under 11 acres. Amenities include a swimming pool, clubhouse with fireplace and lounge, tennis court, picnic and grilling areas, high-speed internet, landscaped grounds, on-site maintenance and on-site management.
Near historic district
Apartments in the pet-friendly community feature dishwashers, disposals, large closets, washer-dryers, patios or balconies, self-cleaning ovens, cable readiness and in select units gas fireplaces and/or vaulted ceilings. Residents have five floor plans from which to choose.
Stuart Hill Apartments is located in the Shenandoah Valley, and is situated minutes from the historic downtown district of Winchester. The community is also convenient to Shenandoah University and Winchester Medical Center.
Charlotte, N.C.-headquartered Grandbridge Real Estate Capital LLC is a subsidiary of Branch Banking and Trust Company (BB&T) and arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management.