TODAY’S DEALS: Grandbridge Funds $2.6M First Mortgage for 256-Unit Class B Community, and Other Deals

By Erika Schnitzer, Associate EditorTomball, Texas—Grandbridge Real Estate Capital LLC recently funded a $2.6M first mortgage for Lakewood Apartments, a 256-unit, Class B, garden-style apartment community. The fixed-rate acquisition, originated by John Fenoglio on behalf of Tomball Apartment Company LLC, was funded by Grandbrige and sold to Fannie Mae under its DUS program.The borrower currently…

By Erika Schnitzer, Associate EditorTomball, Texas—Grandbridge Real Estate Capital LLC recently funded a $2.6M first mortgage for Lakewood Apartments, a 256-unit, Class B, garden-style apartment community. The fixed-rate acquisition, originated by John Fenoglio on behalf of Tomball Apartment Company LLC, was funded by Grandbrige and sold to Fannie Mae under its DUS program.The borrower currently owns an additional luxury apartment community in close proximity to Lakewood Apartments. The loan was closed in fewer than 45 days.Lakewood Apartments offers one- and two-bedroom units, ranging from 587 to 1,283 square feet. The community was 94 percent occupied at closing.Arbor Closes $2,025M Loan for 96 UnitsGrenaga, Miss.—Arbor Commercial Funding recently provided the funding of a $2.025M loan under the Fannie Mae DUS Small Loan product line for Riverhills Apartments, a 96-unit project.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent. It was originated by Stephen York, director of Arbor’s New York lending office. “Arbor was able to fund the loan in less than 40 days to accommodate the borrower’s 1031 exchange cutoff date and the purchase contract closing deadline,” says York.

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