Grandbridge Closes $40.5M Housing Transaction for University of Louisville’s The Province

The fixed-rate loan was originated and closed by Grandbridge’s Columbus, Ohio office. Funding was provided by Freddie Mac under its Capital Markets Execution loan program, with financing secured for a new venture sponsored by The Edwards Companies and Kayne Anderson Real Estate Advisors, L.P.

August 18, 2010
By Allison Landa, News Editor

Grandbridge Real Estate Capital has closed a $40.5 million fixed-rate refinance loan on The Province at University of Louisville, a student housing community in Louisville, Kentucky.

The fixed-rate loan was originated and closed by Grandbridge’s Columbus, Ohio office. Funding was provided by Freddie Mac under its Capital Markets Execution loan program, with financing secured for a new venture sponsored by The Edwards Companies and Kayne Anderson Real Estate Advisors, L.P.

Grandbridge senior vice president Ted Schmidt said that the financing was attractive to Fannie Mae given the property’s quality and the infill location adjacent to campus.

The Province sits on 22 acres and consists of nine three-story apartment buildings. Completed in August 2009, it was more than 95 percent leased for the 2009-2010 school year.

Based in Charlotte, North Carolina, Grandbridge arranges permanent commercial and multi-family real estate loans, services loan portfolios and provides asset and portfolio management along with real estate brokerage services. The company has a servicing portfolio of $24.5 billion representing nearly 100 capital providers.