BB&T unit closes $5 million retail refinancing

A subsidiary of Branch Banking and Trust Company (BB&T) closed a $5 million mortgage refinance loan secured by an Orlando-area shopping center.

BB&T unit Grandbridge Real Estate Capital closed the mortgage loan on the Oakley Square Shopping Center.

Miami-based Grandbridge senior vice president Phillip Carroll arranged the loan on the 30,218-square-foot shopping center west of Orlando in the city of Clermont.

In a prepared statement, Carroll described the debt as “20-year, self-amortizing, fixed-rate non-recourse loan was funded through one of Grandbridge’s insurance company relationships. The transaction closed with a 4 percent interest rate.”

Charlotte, North Carolina-based Grandbridge arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management. Its clients include insurance companies, pension fund advisers and commercial banks.