BB&T Real Estate Funding, a wholly owned subsidiary of Grandbridge Real Estate Capital, recently closed transactions in Florida, California, Illinois and Indiana.
“BB&T Real Estate Funding, through our Grandbridge affiliate, has continued to gain incredible momentum. Closing $80 million in loans during December was one of our strongest months ever, and that momentum has carried into 2013,” said BB&T senior vice president Kirk Booher.
A seniors housing property, Paradise Park, an 80-unit/100-bed facility in New Lenox, Ill., was funded at $7.35 million. The nonrecourse acquisition/renovation bridge financing was structured with a 36-month term with two 12-month extensions.
Iron Mountain, another Illinois property, was funded at $11 million. The first mortgage loan was secured by the 234,057-square-foot single tenant industrial building in Addison, Ill. The nonrecourse refinance loan was structured with an 18-month term with one six-month extension.
Rounding out the company’s half-dozen recent deals was a $19 million first mortgage loan secured by six industrial/flex properties in Indianapolis. The portfolio’s nonrecourse acquisition financing was structured with a 36-month term with two, 12-month extensions.
