Real Estate Journal — Financial Digest — Multifamily Financing — August 10 - 23, 2018— 5A
M id A tlantic
M ultifamily F inancing
Ware arranges $14.55 million Delaware multifamily refinance Aanonsen of Grandbridge originates $49.6 million loans for repeat clients in Virginia R
ICHMOND, VA — Grandbridge Real Estate Capital closed a $28.66 million first mortgage loan secured by First National Apartments, a 154-unit multi- family community in Richmond. Grandbridge Washington, DC based senior vice president Paul Aanonsen originated the transaction for a repeat client. The permanent, fixed rate loan was provided through Fannie Mae’s Green Rewards loan program. The nonrecourse financing was structured with an initial period of interest- only, followed by a 15-year term and 30-year amortization. The 19-story building, built in 1915 as a bank and office building, was converted to apartments in 2012. Com- mon area amenities for the downtown property include a fitness center, game room outfitted with billiards tables, shuffleboard, darts and WiFi lounge, valet dry cleaning ser- vice, controlled access, package acceptance, attached gated ga- rage parking, and convenient access to public transportation. In a second transaction, Grandbridge closed a $21 mil- lion first mortgage loan secured by Stuart Hill Apartments, a 180-unit multifamily com- munity in Winchester. The property is less than 20 miles from I-66, providing direct ac- cess to Washington, DC and the I-95 corridor, making it within commuting distance of the Washington, DC, area. Aanonsen originated the transaction for a repeat client. The permanent, fixed 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. In addition, Grandbridg closed a $14.55 million first mortgage loan secured by Brandywine Apartments, a 444-unit multifamily commu- nity in Wilmington, DE. Grandbridge Tampa, FL based vice president Thomas Ware originated the transac- tion. The 20-year, fully am- ortizing loan, was arranged through one of Grandbridge’s life insurance company corre- spondents. Built in 1978, Brandywine Apartments is comprised of 37, three-story garden-style apart- ment buildings on 25.47 acres of land.
First National Apartments
Stuart Hill Apartments
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