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CHARLOTTE, N.C., Dec. 8 /PRNewswire-FirstCall/ -- Grandbridge Real Estate Capital LLC, the commercial mortgage banking subsidiary of Branch Banking and Trust Company, today said it plans to buy Houston-based commercial mortgage banking firm Live Oak Capital Ltd.

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Live Oak Capital specializes in debt and equity placement and loan servicing for the commercial real estate industry. Founded in 2000, the privately-owned company has closed more than $7 billion in commercial real estate capital transactions.

The acquisition is expected to be completed by the end of the month. Terms were not disclosed. Branch Banking and Trust Company is the principal subsidiary of Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT).

"Partnering with the blue-chip professionals at Live Oak will strengthen our commercial mortgage franchise in Texas with a highly experienced business and management team," said Grandbridge Chief Executive Officer Tom Dennard. "This is a firm whose principals have more than 125 years of combined industry experience and one that has achieved national recognition for its customer service, integrity and intellectual capital."

Charlotte-based Grandbridge, one of the nation's largest full-service commercial and multifamily mortgage banking companies, has a servicing portfolio of $22.5 billion representing 100 capital providers.

Grandbridge was founded in October 2007 when BB&T combined its existing commercial mortgage banking firm, Laureate Capital LLC of Charlotte, with newly acquired Collateral Real Estate Capital LLC of Birmingham, Ala.

Grandbridge already operates an existing loan production office in Dallas, one of 25 across the country. The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services. It closed more than 1,000 transactions in 2007.

Live Oak Capital serves as a mortgage loan correspondent for 20 institutional lenders and has access to a national network of debt and equity capital resources. It also provides full closing, servicing and loan administration services.

"Our debt financing and servicing expertise combined with the large resource base at Grandbridge will make for a very successful union," said John Fenoglio, a partner of Live Oak Capital Ltd.

"This is an excellent growth opportunity for our firm, especially considering the tremendous benefit we'll gain from our association with BB&T and its strong balance sheet and investment ratings. In all, we'll gain an expanded delivery for our investment partners and greater access to capital markets and proprietary lending services."

Grandbridge 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.

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 http://www.BBT.com.