Grandbridge Closes $105M Refi

The loans were for four separate multifamily properties in Georgia and Florida.
Trellis. Image courtesy of Grandbridge Real Estate Capital

Grandbridge Real Estate Capital has funded about $105 million in refinance loans for four Southeast multifamily properties. The deals, two each in Georgia and Florida, were closed by Alan Tapie, a senior vice president based in Grandbridge’s Atlanta office.

The largest of the four loans was a $33.2 million permanent fixed-rate loan secured by The Retreat at Crosstown Apartments, a 320-unit property on a 19.5-acre site in Riverview, Fla. Grandbridge said the loan was structured with a 10-year term and 30-year amortization and funded through Freddie Mac, one of its agency lenders.

Yardi Matrix reported the refinancing is a CMBS loan in the pool FREMF 2019-K101. Located at 10301 Marsh Harbor Way, The Retreat at Crosstown Apartments is owned by Sage Equities, which acquired the property, built in 1988, from McDowell Properties for $37.3 million in October 2017, according to Yardi Matrix data. The property is currently 90 percent occupied and has one- and two-bedroom floorplans with average rent of $1,236 per month.

The loan for Timberwalk at Mandarin Apartments, a 284-unit property at 10263 Whispering Forest Drive in Jacksonville, Fla., is a $24.9 million permanent, fixed-rate loan with a 10-year term and 30-year amortization with an initial interest-only period. It was funded through Fannie Mae for a repeat client, according to Grandbridge. Yardi Matrix identified the owner of the 18.3-acre property built in 1987 as CMS Cos., which acquired the asset in May 2013 from LaSalle Investment Management for $20.3 million. The property has one-, two- and three-bedroom units with average monthly rent of $1,142 and is 95.4 percent occupied.

Twin City. Image courtesy of Arch Cos.

Belara Apartments, a 182-unit multifamily community at 1570 Sheridan Road NE in Atlanta, was refinanced with a $24.8 million loan for a repeat client that was structured with a 10-year term and 30-year amortization and funded through Freddie Mac, according to Grandbridge. Yardi Matrix identified the owner as Sage Equities, which acquired the 7.3-acre property for $29.6 million in May 2016 from CWS Capital Partners. Yardi Matrix reported the loan is a CMBS loan in the pool FREMF 2019-K97. Built in 1993, the asset has one-, two- and three-bedroom floorplans and average rent of $1,558 per month. It is 97.3 percent occupied.

The fourth property—Trellis Apartments, a 210-unit multifamily community at 1275 Cunningham Road SW in Marietta, Ga.—was refinanced with a $22.1 million permanent, fixed-rate loan structured with a 10-year term and 30-year amortization and funded through Freddie Mac, according to Grandbridge. Yardi Matrix identified the owner as Sage Equities, which acquired the 17.3-acre site for $21 million in June 2017 from 29th Street Capital. Trellis, which was built in 1992 and has an 89 percent occupancy, has two- and three-bedroom floorplans with an average rent of $1,173 per month, Yardi Matrix reported.

Portfolio Refinanced

In October, Grandbridge Real Estate Capital originated the refinancing of an 11-property portfolio for Olen Properties Corp. with a $567 million recapitalization using GSE green financing programs. The garden-style properties were located in Florida, George, and Nevada and totaled nearly 3,300 one-, two- and three-bedroom rental units.