ATLANTA, June 18 /PRNewswire-FirstCall/ -- Grandbridge Real Estate
Capital LLC today said it has closed on a Fannie Mae credit facility worth
up to $350 million for one of the largest real estate investment trusts in
North America. Grandbridge is a subsidiary of BB&T Corporation principal
subsidiary Branch Banking and Trust Company.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080303/CLM064LOGO )
The borrower, whose name was not disclosed, will use the credit
facility to buy a 1,930-unit, multi-state seniors housing complex.
"This was a challenging transaction that called for tremendous teamwork
by the borrower, Fannie Mae and Grandbridge," said Grandbridge Senior
Housing Group co-head Scott Kavel, based in Norcross, Ga.
Charlotte, N.C.-based Grandbridge, one of the largest full-service
commercial and multifamily mortgage banking companies in the nation, is a
Fannie Mae DUS(R) (Delegated Underwriting and Servicing) lender, a Freddie
Mac Program Plus(R) seller/servicer, and an active participant in
multifamily products insured by the Federal Housing Administration.
The company also arranges permanent commercial and multifamily real
estate loans with insurance companies, commercial mortgage-backed
securities lenders and pension fund advisors. Grandbridge has a servicing
portfolio of more than $21 billion representing 96 capital providers. It
closed more than 1,000 transactions in 2007.
With $136.4 billion in assets, BB&T Corporation (NYSE: BBT) is the
nation's 14th largest financial holding company. It operates nearly 1,500
financial centers in 11 states and Washington, D.C. More information about
the company is available at BBT.com.
SOURCE BB&T Corporation
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Related links:
http://www.bbt.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20080303/CLM064LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/809325.html /
CONTACT:
BUSINESS, Thomas S. Dennard, Chief Executive
Officer, +1-704-379-6910, or Scott Kavel, Senior Vice President,
+1-678-906-4071, both of Grandbridge; MEDIA, Jeff Nichols, Vice
President, of BB&T Corp. Communications, +1-336-733-1472
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