Grandbridge Closes $40.5 Million Student Housing Transaction
CHARLOTTE, N.C., Aug. 17 /PRNewswire/ -- Grandbridge Real Estate Capital recently closed a $40.5 million transaction for The Province at University of Louisville, a "Best in Class" student housing community in Louisville, Ky.
"The Edwards Companies have developed more than 7,000 student housing beds on and around major universities located in the Northeastern, Midwestern and Southeastern parts of the United States," said Ted Schmidt, Grandbridge senior vice president. "This financing was very attractive to Freddie Mac given the high quality of the property, the in-fill location next to campus and the exceptional sponsorship."
Grandbridge's Columbus, Ohio, office originated and closed the fixed-rate refinance loan. Funding for the loan was provided by Freddie Mac under its Capital Markets Execution (CME) loan program. Financing was secured for a new venture sponsored by The Edwards Companies and Kayne Anderson Real Estate Advisors, L.P.
The Province was completed in August 2009 with more than 95 percent being leased for the 2009-2010 academic year. It is within an eight-minute walk from the University of Louisville campus.
The 22-acre property consists of nine, three-story apartment buildings. It offers fully furnished efficiency, one-, two-, three- and four-bedroom units with individual bathrooms, exterior entries, and full kitchens with all appliances (including washer and dryer). Other amenities include a resort-style pool and clubhouse, fitness center, media and gaming theaters, Wi-Fi accessible study/social areas, volleyball and basketball courts and game room.
Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation, has a broad investor base that includes insurance companies, pension fund advisers, commercial banks and capital markets investors, as well as a proprietary lending platform. The company is a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender and a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender. Grandbridge also is a MAP multifamily and LEAN health care approved participant in products insured by the Federal Housing Administration (FHA).
Grandbridge arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services nationwide. Grandbridge has a servicing portfolio of about $24.5 billion representing nearly 100 capital providers. For more information about Grandbridge and its locations, visit www.gbrecap.com.
About BB&T
BB&T Corporation (NYSE: BBT) is one of the 10th largest financial services holding companies in the U.S. with more than $155.1 billion in assets and market capitalization of $18.2 billion, as of June 30, 2010. Based in Winston-Salem, N.C., the company operates 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.
SOURCE BB&T Corporation
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