Granbridge secures $18.75M in loans for investor
Led by Adam Lipkin, Granbridge secured the loans for a buyer of three shopping centers
October 08, 2016 05:00PM
Adam Lipkin, vice president of the Miami team of Granbridge Real Estate Capital, secured three loans totaling $18.75 million to finance the acquisition of a trio of shopping centers in the Southeast.
Under Lipkin’s leadership, Granbridge placed the loans with a major regional bank on behalf of Big V Capital, which specializes in acquiring and operating community shopping centers.
The five-year loans have floating rates of under 3 percent with two years of interest-only payments, followed by a 25-year amortization schedule.
The loans have interest rate caps that limit the Big V Capital’s exposure to higher interest payments.
Big V used the loans to acquire three shopping centers with a combined total of 457,695 square feet for $24 million, or $52 per square foot from Ziff Properties, Inc., of Charleston, South Carolina.
The three shopping centers are located in Wilmington, North Carolina; Lancaster, South Carolina, and Brunswick, Georgia.
Source: The Real Deal