Fannie Mae News
Grandbridge provides $350 million Fannie Mae credit facility for seniors housing complex
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.
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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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