HOUSTON — Grandbridge Real Estate Capital LLC (Grandbridge) arranged a construction loan secured by Corinthian Village Senior Living, a 124-unit, seniors 62+ affordable apartment community in Houston, Texas. Structured and arranged by Grandbridge Vice President Jim Kirkpatrick on behalf of Houston George E. Johnson Development and nonprofit Corinthian Pointe Senior Living Corporation, the transaction is comprised of both a construction loan and mezzanine piece.

Several investors provided construction funding:

• The City of Houston provided HOME funds in the amount of $3,375,670;
• Trustmark National Bank provided $6,400,000 in construction financing; and
• The United Methodist Foundation of the Texas Annual Conference provided $700,000 in mezzanine financing.

The property is the most recent phase added to Corinthian Pointe, a master planned development and one of Houston’s most successful public-private partnerships. Corinthian Pointe has been a model for successful affordable housing and community redevelopment in Houston.

Upon completion, Corinthian Village Senior Living will offer 124 units of affordable independent living for seniors age 62 and over, with 40 units reserved for low-income residents. The property will include a multipurpose activity room, fitness center and clubhouse. Construction completion is projected for 2010.

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, has a broad investor base that includes insurance companies, pension fund advisors, commercial banks, and capital markets investors, as well as a proprietary lending platform.

Grandbridge is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved and LEAN-approved FHA lender.

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 in excess of $24 billion representing nearly 100 capital providers.

With $152 billion in assets, BB&T Corporation is the nation’s 12th largest financial holding company. It operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about BB&T Corporation is available at BBT.com.

*#7 originator of Fannie Mae (FNM/NYSE) Delegated Underwriting and Servicing (DUS®) multifamily debt financing products for 2008. To see Fannie Mae's official press release announcing the Top 10 Originators of Multifamily Debt for 2008, go to: http://www.fanniemae.com/newsreleases/2009/4664.jhtml?p=Media&s=News+Releases.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

MEDIA

Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139