Fayetteville, Ark.—Grandbridge Real Estate Capital LLC, a Charlotte, N.C.-based subsidiary of Branch Banking and Trust Company, recently closed on a $6.2 million first mortgage loan for a student housing community near the University of Arkansas.
The community, called Eco Modern Flats, contains 96 units and is certified LEED Platinum, the first multifamily community in Arkansas to be awarded this certification. Green elements include solar-heated hot water, landscaping with native plants, innovative heating and cooling systems and rainwater harvesting.
The property’s location attracted Grandbridge to this asset.
“Eco Modern Flats is a very unique property due to its close proximity to the University, very detailed scope of renovation and overall economic success since completion,” Alan Tapie, senior vice president, Grandbridge, tells MHN. Tapie originated the permanent fixed-rate loan for the property.
According to Tapie, Eco Modern Flats’ design also made the property a sound investment.
“The original asset was reportedly built in the 1960s, but had good ‘bones,’” he says. “The new owner did an excellent job of utilizing the existing structure while also creating a property that has a very modern feel.”
The community features many amenities, such as a swimming pool, community area with an outdoor fireplace and grilling area and a rooftop patio. There is also bike storage, as well as access to local bike and walking trails.
Funding for the loan was provided by Fannie Mae and was structured with a 10-year term, 30-year amortization and closed with an interest rate of 3.90 percent.