Grandbridge Real Estate Capital closed on a $26,801,800 first mortgage loan funded through FHA’s 221(d)(4) loan product earlier this month. The loan was secured by the Gregorie Ferry Landing Apartments, a proposed 240-unit, Class "A" mid-rise property in Mount Pleasant, South Carolina.
"A great team of professionals all around made this deal possible. The HUD 221(d)(4) loan process requires a combination of hard work, the right timing and the right team to make the deal work," said Grandbridge Senior Vice President Mike Ortlip. "The borrower, Tony Berry, with the Berry Company, along with the Samet Corporation, a general contracting firm represented by Arthur Samet, David Greene and Alton Tew, and Grandbridge’s FHA Underwriting team lead by Senior Vice President Tim Duncan, all worked together, bringing their unique expertise to the process. This was the first 221(d)(4) transaction in South Carolina to be approved by HUD’s new national loan committee."
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