HOUSTON — Jim Richards of Grandbridge's Houston office has originated and closed a $31.8 million first mortgage loan secured by Camden Heights Apartments, a 352-unit Class A urban multifamily property in Houston. The 7-year acquisition loan features 3 years of interest only and a 30-year amortization, and was funded through Fannie Mae's DUS loan product. Located in Houston's Midtown Heights neighborhood, the five-building property is comprised of one-, two- and three-bedroom units. Amenities include a resort-style swimming pool, a clubhouse, a business center and an athletic club.
In addition, Grandbridge Real Estate Capital’s Houston office has originated and closed a $17.95 million first mortgage loan secured by Broadstone Gramercy, a former 224-unit condominium property, which is being converted to Class A multifamily rental property in Houston. The 3-year, interest-only bridge loan was funded through BB&T Real Estate Funding. Located in Houston’s Texas Medical Center district, the property is comprised of two five-story buildings, each featuring 112 units with a blend of one-, two- and three-bedroom units. Charlotte, N.C.-based Grandbridge Real Estate Capital is a subsidiary of BB&T.