Grandbridge Funds $26.8 Million South Carolina Apartment Project through FHA

Charlotte, N.C.-based Grandbridge Real Estate Capital has closed on a $26.8 million first mortgage loan secured by the Gregorie Ferry Landing Apartments, a planned 240-unit, Class-A multifamily development in Mount Pleasant, S.C.

The 40-year construction and development loan features a 40-year amortization. Funded through FHA’s 221(d)(4) loan product, the transaction was originated by Grandbridge’s senior vice president Mike Ortlip and vice president Josh Davis. Both are based in Charlotte.

Located in the Charleston metropolitan statistical area, the four four-story apartment buildings will feature 11,404 sq. ft. of rentable ground level retail and office space, a 1,500 sq. ft. leasing office/laundry facility, a 750 sq. ft. fitness room and a 750 sq. ft. media/gaming room.

The secure, gated community’s convenient access to historic downtown Charleston and the city’s central business district — as well as the area’s surrounding beaches at Isle of Palms and Sullivan’s Island — makes the property an attractive housing option for professionals and families.

Additional community amenities include 32 detached garages, a resort-style pool with sundeck and a sand volleyball court. Internet Wi-Fi will be available in the business center as well as poolside.

The 10.6-acre apartment community is part of a larger approximately 23-acre planned mixed-use development that will feature seven outparcels for development or sale. The entire property has received the zoning designation of Planned Development (PD).

“The HUD 221(d)(4) loan process requires a combination of hard work, the right timing and the right team to make the deal work,” says Ortlip of Grandbridge.

The borrowers included Tony Berry, founder of Rock Hill, S.C.-based The Berry Co., along with the Samet Corp., a general contracting firm with offices in Greensboro and Charlotte, N.C.

A subsidiary of Branch Banking and Trust Company (BB&T), Grandbridge has a 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, BB&T Real Estate Funding.

Grandbridge arranges permanent commercial and multifamily real estate loans, services loan portfolios, and provides asset and portfolio management, as well as real estate brokerage services. Grandbridge has a servicing portfolio of more than $24 billion and represents approximately 100 capital providers.