Newport Beach-based Grandbridge has acquired an 11-property multifamily portfolio for $567 million. The apartment assets are located in Florida, Georgia and Nevada.
The portfolio is comprised of seven properties in the Las Vegas MSA, three properties in South Florida, and one property in the Atlanta MSA. Collectively, the 11, Class-A, garden-style communities are comprised of just under 3,300 market-rate one-, two- and three-bedroom rental units.
Grandbridge secured financing to acquire the portfolio. The loan package is comprised of individual long-term fixed rate first mortgages and features interest only periods followed by 30-year amortization and low-three percent interest rates. The loans exceeded 70% of the portfolio's capitalized value and provided a historical cash-out refinance to the borrower.
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Kelsi Maree Borland
