MILWAUKEE, Wis. — Grandbridge Real Estate Capital's Milwaukee, Wis., office originated and closed a $16,950,000,      13-year fixed rate refinance loan secured by a 633,150 square foot industrial building located in Green Bay, Wis.  The owner occupied property, containing a approximately 24,000 square feet of office space in addition to the warehouse and manufacturing areas, is home to Green Bay Converting, Inc., North America’s leading independent converter of sanitary tissue products.    

Grandbridge Senior Vice President Pat Dempsey and Senior Analyst Jeff Schmidt arranged the financing on behalf of the property’s owner-occupant, Green Bay Converting, Inc. Funding for the transaction was provided by UNUM Group of Portland, Maine, through Kim White, Senior Investment Officer.  The loan was made at 70 percent loan-to-value with an interest rate of 6.70 percent and is fixed for the 13-year term.   

“Green Bay Converting’s local bank had been providing financing for their building, equipment, and business lines.  Although the company enjoys an excellent relationship with their bank, the combined credit exposure was limiting their ability to secure financing for new equipment as they continue to expand operations.  Refinancing the real estate with a long-term, fixed rate insurance company loan not only allows the company to mitigate the risk of what is likely to be a rising interest rate environment over the next several years, but also frees up capacity to finance equipment and growing business operations with their existing bank,” commented Mr. Dempsey.

About Grandbridge

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation, has a broad investor base that includes insurance companies, pension fund advisers, commercial banks and capital markets investors, as well as a proprietary lending platform. The company is a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender and a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender. Grandbridge also is a MAP multifamily and LEAN health care approved participant in products insured by the Federal Housing Administration (FHA).

Grandbridge arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services nationwide. Grandbridge has a servicing portfolio of about $24.5 billion representing nearly 100 capital providers. For more information about Grandbridge and its locations, visit www.gbrecap.com.

About BB&T

BB&T Corporation (NYSE: BBT) is one of the 10th largest financial services holding companies in the U.S. with more than $155.1 billion in assets and market capitalization of $18.2 billion, as of June 30, 2010. Based in Winston-Salem, N.C., the company operates more than 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.

BUSINESS CONTACT
Thomas S. Dennard
Grandbridge CEO    
(704) 379-6910
tdennard@gbrecap.com    

TRANSACTION CONTACT
Patrick Dempsey
Senior Vice President
262.785.8450 
pdempsey@gbrecap.com

MEDIA CONTACT
Patricia Muse
Vice President | Marketing
(205) 978-1139
pmuse@gbrecap.com