Columbus-based Senior Vice President Craig Kegg recently arranged financing for a two-property portfolio in Lorain, Ohio. The two properties, one apartment complex and one multi-tenant office building were secured by two loans totaling $4,700,000. Funded through two of Grandbridge’s insurance company correspondents, both permanent, fixed rate transactions were structured with 15-year terms.
Fairway East Apartments, located on Beavercrest Drive across from Mercy Regional Medical Center, is an 80-unit recently renovated mixed market/affordable project comprised of five two-story walk-up buildings with on-site laundry. Renovations include new kitchens, updated flooring throughout and new baths.
City Center is a 56,384 square foot rectangular shaped office facility located on the south side of Broadway, the major thoroughfare through Lorain. A newly constructed 5,625 square foot gymnasium was also part of the collateral. Building amenities include on-site parking and on-site café. Major tenants include Spectrum Consulting Services, Lorain County Community College and United Property Management.
Reflecting on his experience, Jon Veard, President of United Property Management said, “Thank you Grandbridge for your support and direction on the refinancing of my projects, Fairway East and City Center. Especially to those folks on your staff who guided me through the processes. Craig Kegg has a natural knack for recognizing the potential deal and placing the loan with the ‘right’ lender. Hisfollow up made the process smooth and trouble free from start to finish. My sincere thanks also to Sydney Pugh! A fantastic professional to work with and one who never misses a beat.”
About Grandbridge Real Estate Capital LLC
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of BB&T (now Truist), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform. The company is a Freddie Mac Optigo® lender, a Fannie Mae DUS® lender, and an approved FHA MAP and LEAN health care lender. With a current servicing portfolio of more than $30 billion, Grandbridge, an S&P strong rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations. More information about Grandbridge and its full line of products and services is available at www.grandbridge.com.
About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven company dedicated to building a better future for its clients, teammates and communities. With 275 years of combined BB&T and SunTrust history, Truist is one of the nation’s largest financial services holding companies offering a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist serves approximately 10 million households with leading market share in many high-growth markets in the country. Learn more at Truist.com.
