GRANDBRIDGE ARRANGES $40 MILLION IN FINANCING FOR MULTIFAMILY PROPERTIES

COLUMBUS AND DUBLIN, OHIO — The Columbus office of Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged more than $40 million in first mortgage loans for four multifamily properties in Ohio. The company has arranged $7.3 million in refinancing for The Ridge at Chestnut Hill, a 150-unit multifamily community located in Columbus. The loan was funded by Grandbridge and sold to Fannie Mae under its DUS Early Rate Lock program. Situated on a 12.5-acre site, the Class A apartment community is comprised of 10 buildings. Also in Columbus, Grandbridge has arranged approximately $9.5 million in first-mortgage financing for Spingburne Apartments. The 224-unit senior-oriented multifamily community is comprised of 28 garden-style buildings situated on a 12.59-acre site. The loan was sold by Grandbridge to Fannie Mae under the standard DUS program.
Additionally, fixed-rate first mortgage loans were secured by two communities in Dublin, Karric South Apartments and Karric North Apartments, at approximately $8.13 million and $15.24 million, respectively. Both loans were sold by Grandbridge to Fannie Mae under the standard DUS program. Situated on an 11.63-acre site, Karric South Apartments is a 190-unit senior-oriented multifamily community. Adjoining Karric South Apartments, Karric North Apartments is a 350-unit senior-oriented community, which comprises 46 ranch-style buildings, spread across a 23.12-acre site.