Grandbridge Real Estate Capital recently closed a $35,840,000 first mortgage loan secured by The Edge, a purpose-built student housing property in Philadelphia, Penn.
Grandbridge Houston-based Vice Presidents Gill Dolan and Blake Willeford originated the transaction. The floating rate loan was arranged through Freddie Mac. The nonrecourse financing was structured with an initial period of interest-only, followed by a 10-year term and 30-year amortization.
“The client requested a floating rate loan to facilitate the refinance of its existing CMBS mortgage. Freddie Mac was able to provide the structure the borrower was looking for to refinance this modern, state of the art asset” said Dolan.
Built in 2006, the property is situated on a 1.7-acre site immediately south of Temple University's main campus. The 12-story, purpose built student housing community contains 1,067 beds in 602 units. Property amenities include a two-story fitness center, study rooms, grill stations, and laundry facilities. The Wi-Fi enabled property recently underwent a $2.5 million renovation to the common area spaces which included a redesigned and enlarged lobby, the creation of a public kitchen and upgrades to common area furniture and an Amazon-savvy mail center.
The Philadelphia high-rise is located immediately south of Temple University’s main campus, approximately a three-minute walk to Temple’s Student Center. The site offers residents easy access to public transportation, retail amenities, while being at the front door to campus. The building has ground floor retail occupied with quick serve restaurants.
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding. The company is a Freddie Mac Multifamily Approved Seller/Servicer for Conventional and Seniors Housing, a Fannie Mae DUS® lender and an approved FHA MAP and LEAN healthcare lender.
With a current servicing portfolio of $30 billion, Grandbridge, an S&P strong rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations. More information about Grandbridge and its full line of products and services is available at Grandbridge.com.
About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $220.7 billion in assets and market capitalization of approximately $40.6 billion as of March 31, 2018. Based in Winston-Salem, N.C., BB&T operates more than 2,000 financial centers in 15 states and Washington, D.C. More information about BB&T and its full line of products and services is available at BBT.com.
