Real estate lender arranges $4.7M financing for apartments, office
The Columbus office of Grandbridge Real Estate Capital LLC has helped a Lorain business refinance two of its properties for $4.7 million.
Craig Kegg, Grandbridge’s senior vice president, facilitated the deal for United Property Management. The 15-year refinancing was for the company’s 56,384-square-foot office building called City Center and the 80-unit Fairway East Apartments west of Cleveland. The funding for the Lorain properties came from two of Grandbridge’s insurance company correspondents.
“Craig Kegg has a natural knack for recognizing the potential deal and placing the loan with the ‘right’ lender,” Jon Veard, president of United Property Management, said in a release.
City Center recently added a 5,625-square-foot gymnasium. Its other amenities include on-site parking and a café. Spectrum Consulting Services, Lorain County Community College and United Property Management are tenants.
The mixed-market/affordable apartment building has five stories and renovations include new kitchens, updated flooring and new baths.
Kegg, who has been with Grandbridge since 2005, said via email the company “is committed to crafting individual solutions for our customers. That includes making sure that we have the right capital partner for each opportunity.”
“With production offices in Minneapolis, Kansas City, Indianapolis, Chicago and Columbus, Grandbridge is an active participant in the Midwest commercial real estate market,” he says. “In addition to working with our local owners, we continuously interact with our many capital partners to keep them abreast of trends, projects, highlights, etc., here in the Midwest. This in turn, facilities a deeper understanding of what drives commercial real estate in the markets we cover and enables our capital partners to make quick, well-informed investment decisions that benefit our clients.”
Charlotte, North Carolina-based Grandbridge arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management services. It is a subsidiary of Truist Financial Corp., one of the nation’s largest financing services holding companies.