Grandbridge Funds Des Moines Business Park Portfolio

MINNEAPOLIS — The Minneapolis office of Grandbridge Real Estate Capital LLC is pleased to announce the recent loan closing of an office building portfolio in the downtown central business district (CBD) of Des Moines, Iowa.

The refinance, funded by UNUM/Provident, was secured by three office-flex buildings and one three-story office building in Riverpoint Business Park. The portfolio’s properties, which exceed 200,000 square feet, were 95% occupied at funding.

The borrower, Hubbell Realty, was very pleased with the refinance as it allowed them to secure a long-term, fixed interest rate, permanent loan. Grandbridge worked closely with the borrower to structure the transaction to meet their objectives.

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved active participant in multifamily products insured by the Federal Housing Administration.

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services. Grandbridge has a servicing portfolio of more than $22.5 billion representing 96 capital providers. It closed more than 1,000 transactions in 2007.

With $137 billion in assets, BB&T Corporation is the nation’s 14th largest financial holding company. It operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

Contacts

BUSINESS
Thomas S. Dennard
Grandbridge CEO
704.379.6910

LOAN CONTACT
John Davis
Grandbridge EVP
612.341.7888

MEDIA
Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139