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Ohio Properties Receive $4.7 Million of Financing
July 13, 2020

Ohio Properties Receive $4.7 Million of Financing

by The CE Shop Team

Grandbridge Real Estate Capital Plans Two-Property Portfolio in Lorain, Ohio

Columbus-based Grandbridge Real Estate Capital recently finalized plans to finance a two-property portfolio in Lorain, Ohio. The two properties consist of one apartment complex and one multi-tenant office building, which were secured by two loans totaling $4.7 million.

Fairway East Apartments, located on Beavercrest Drive across from Mercy Regional Medical Center, is an 80-unit recently renovated mixed-market/affordable project comprising five two-story walk-up buildings with on-site laundry. Renovations include new kitchens, updated flooring throughout, and new baths.

City Center is a 56,384-square-foot rectangular-shaped office facility located on the south side of Broadway, the major thoroughfare through Lorain. A newly constructed 5,625-square-foot gymnasium was also part of the collateral. Building amenities include on-site parking and on-site café. Major tenants include Spectrum Consulting Services, Lorain County Community College, and United Property Management.

Jon Veard, President of United Property Management said, “Thank you Grandbridge for your support and direction on the refinancing of my projects, Fairway East and City Center. Especially to those folks on your staff who guided me through the processes.”

Who is Grandbridge Real Estate Capital LLC

Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital arranges commercial and multifamily real estate loans, services loan portfolios, and provides asset and portfolio management. This is in part due to their investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks, and capital markets investors.

The company is a Freddie Mac Optigo® lender, a Fannie Mae DUS® lender, and an approved FHA MAP and LEAN healthcare lender. With a current servicing portfolio of more than $30 billion, Grandbridge, an S&P strong rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Freddie Mac, Fannie Mae, Ginnie Mae, insurance companies, banks and more than 250 securitizations.

Why Is This Important for Ohio Real Estate Agents?

If you’re a real estate agent in the surrounding area, it’s always important to have your finger on the pulse of what’s going on in your community. This not only can help you find new business opportunities, but also help to establish your credibility as an agent in this market. If you’re looking for inspiration read more about how to be the hero your town deserves.

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