{"id":1004032996,"date":"2011-10-10T10:54:12","date_gmt":"2011-10-10T18:54:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032996"},"modified":"2022-12-08T18:22:34","modified_gmt":"2022-12-09T02:22:34","slug":"grandbridge-funds-72m-loan-through-freddie-mac-for-florida-multi-family","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grandbridge-funds-72m-loan-through-freddie-mac-for-florida-multi-family\/","title":{"rendered":"Grandbridge Funds $72M Loan through Freddie Mac for Florida Multi-Family"},"content":{"rendered":"<p><strong>October 10, 2011<\/strong><br \/>\n<em>By Barbra Murray, Contributing Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/101011-Paradise-Island-Jacksonville.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004032997\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/grandbridge-funds-72m-loan-through-freddie-mac-for-florida-multi-family\/101011-paradise-island-jacksonville\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/101011-Paradise-Island-Jacksonville.jpg\" data-orig-size=\"480,321\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"101011 &#8211; Paradise Island Jacksonville\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/101011-Paradise-Island-Jacksonville.jpg?w=480\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/101011-Paradise-Island-Jacksonville.jpg\" alt=\"\" title=\"101011 - Paradise Island Jacksonville\" width=\"300\" height=\"200\" class=\"alignright size-medium wp-image-1004032997\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/101011-Paradise-Island-Jacksonville.jpg 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/10\/101011-Paradise-Island-Jacksonville.jpg?resize=300,201 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Grandbridge Real Estate Capital has been busy originating multi-family financing and just wrapped up one of its largest such transactions this year with the closing of a $72 million Freddie Mac first-mortgage loan secured by Paradise Island, a 1,112-unit apartment property in Jacksonville, Fla. <\/p>\n<p>Developed between 1990 and 1999, Paradise Island is a multi-structure rental community operating under the management of Perimeter Realty Inc. The 7-year refinance loan, provided through Freddie Mac&#8217;s Capital Markets Execution product, comes with an interest rate in the low 4 percent range and a 30-year amortization schedule that follows a two-year interest-only period. &#8220;We had a CMBS loan that was coming due so we refinanced it 90 days before,&#8221; Donald Fort, owner of Paradise Island, told <em>Commercial Property Executive<\/em>. &#8220;The rates were very attractive.&#8221; <\/p>\n<p>&#8220;[The process] worked out well,&#8221; he continued. &#8220;We would definitely work with Freddie Mac again.&#8221;  <\/p>\n<p>The thriving multifamily sector is a magnet for investors these days and the trend is evident in Freddie Mac&#8217;s activities. The government-sponsored enterprise&#8217;s CME program has continued to thrive despite the upheaval in the CMBS markets over the summer, as Grandbridge points out in its September capital markets update. &#8220;When [Standard &amp; Poor&#8217;s] said that it could not deliver a final rating for the Goldman Sachs\/Citigroup securitization in late July, the deal fell apart and investors walked away,&#8221; the report noted. &#8220;Freddie Mac was going to the market with the next CME pool at about the same time as the Goldman deal, and elected to continue the sale even after S&amp;P pulled its preliminary rating. Freddie Mac reported that investors showed an increased interest in the CME offering and classified it as a flight to quality.&#8221;<\/p>\n<p>Grandbridge has certainly been active in apartment property originations, arranging numerous transactions through Freddie Mac and Fannie Mae. Among its big-ticket deals was the closing of a $75.8 million first mortgage loan secured by the 502-unit Bank Street Commons apartment high-rise in White Plains, N.Y., through Fannie Mae.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grandbridge Real Estate Capital just closed a $72 million Freddie Mac first-mortgage loan secured by Paradise Island, a 1,112-unit apartment property in Jacksonville, Fla. <\/p>\n","protected":false},"author":1201,"featured_media":1004032997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,37753,21742],"tags":[],"class_list":["post-1004032996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-research-center-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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