MILWAUKEE — Grandbridge Real Estate Capital's Milwaukee, Wis., office originated and closed an $8,150,000 10-year fixed rate loan secured by Ferrand Estates, a 420-site manufactured home community located in Wyoming, Mich., southwest of Grand Rapids.  Funding for the transaction was provided by AIG Asset Management.   

Grandbridge Senior Vice President Jim Cope arranged the financing on behalf of Hometown America, Inc.  With a portfolio in excess of 54,000 home sites, Chicago-based Hometown America, Inc., is one of the largest and most respected manufactured home community operators in the country.  

“Right now, it can be challenging to finance certain transactions in Michigan, but AIG was willing to work with the borrower and us to understand the market and focus on the borrower’s strong sponsorship and the stable history of the asset,” explained Cope.   

Ferrand Estates consists of single- and double-wide manufactured homes sited on 61 acres.  It features on-site management.  Its two clubhouses offer residents a community pool, spa, playground, RV parking and storage, as well as access to nearby community biking and hiking trails.   

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation, 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.

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 is also a MAP multifamily and LEAN healthcare 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.

As of March 31, 2010, BB&T Corporation (NYSE: BBT) is the 10th largest financial services holding company in the U.S. with more than $163 billion in assets and market capitalization of $22.4 billion. Based in Winston-Salem, N.C., the company operates more than 1,800 financial centers in 12 states and Washington, D.C. More information about the company is available at BBT.com.

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

TRANSACTION CONTACT
Jim Cope
Senior Vice President
262.785.8441 
jcope@gbrecap.com

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