Grandbridge Refis Four Retail Centers
Grandbridge closed four loans totaling $16M secured by four local retail centers. (It's the CRE remake of Seven Brides for Seven Brothers.)Greg Young, David Schwarz, and Tip Strickland originated the loans for Orr Commercial as refis. Above, David and Greg sandwich colleague DEtta Casto-DeLeon. Besides lowering interest rates--to a range of 4.53% and 4.72%--and replacing full-recourse debt with non-recourse, some of the loans provided an equity recapture. Three of the loans were placed with CMBS lenders and one was furnished by a life insurance company.
The assets: Heights Marketplace (a new 19k SF project on Yale St), 4500 Washington (pictured, its near Heights Marketplace and is also 19k SF), South Main Plaza (26k SF, it was built in 81 and renovated in 07), and I-45 @ Broadway (two buildings built in 1960 and renovated in 05 totaling 11k SF). All are 100% leased. Want to hear more about these deals or the general lending market? You can see Greg at our annual Capital Markets Summit Tuesday. Sign up here!
