Grandbridge Real Estate Capital recently originated and closed a $50 million first-mortgage bridge loan secured by a four-asset office and industrial portfolio located in four states. The portfolio is owned by a fund managed by Newport Beach, California-based KBS Realty Advisors, Inc.
Milwaukee-based Grandbridge senior vice pesident Jim Cope and senior analyst Justin Nelson arranged the financing through Kirk Booher with BB&T Real Estate Funding in Chicago.
“We were very creative in structuring this transaction to provide flexibility and liquidity within the loan facility for KBS to manage their assets through some near-term rollover,” Cope said.
The variable rate loan has a three-year term with extension options. The four assets are located in Austin, Texas; San Jose, Ca.; Portland, Ore.; and Atlanta, Ga.
