Grandbridge provides $350 million Fannie Mae credit facility for seniors housing complex
Grandbridge Real Estate Capital Logo. (PRNewsFoto/BB&T Corporation)
CHARLOTTE, NC UNITED STATES
ATLANTA, Nov. 20 /PRNewswire-FirstCall/ -- Grandbridge Real Estate Capital
LLC today said it has arranged, closed and sold to Fannie Mae a 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.
The borrower, whose name was not disclosed, will use the credit facility
to buy a 2,342-unit, multi-state seniors housing complex.
"This transaction involved four master leases, various purchase options
and tremendous teamwork by the borrower, Fannie Mae and Grandbridge," said
Scott Kavel, head of the Norcross, Ga.-based Grandbridge Senior Housing Group.
"Grandbridge is committed to supporting affordable housing and seniors
housing projects for our clients," said Grandbridge Chief Executive Officer
Thomas S. Dennard.
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 arranges permanent commercial and multifamily real estate
loans; services loan portfolios; and provides asset and portfolio management
and real estate brokerage services. Grandbridge has a servicing portfolio of
more than $22 billion representing 96 capital providers. It closed more than
1,000 transactions in 2007.
With $137 billion in assets, BB&T Corporation is the nation's 14th largest
financial holding company. It operates more than 1,500 financial centers in 11
states and Washington, D.C. More information about the company is available at
BBT.com.
