HOUSTON, TEXAS — Grandbridge Real Estate Capital recently originated and closed a $16,400,000 first mortgage loan secured by an 85-room Marriott Courtyard and an 88-room TownePlace Suites. Located in Galveston, Texas, the hospitality properties will share a resort-style pool with bar and grill.

Funding for the construction/permanent loan (18-month construction/five-year permanent) was provided through one of Grandbridge’s correspondent lenders and closed with an interest rate in the mid six percent range. The loan is interest-only for the first 30 months, amortizing on a 24-year schedule thereafter. Grandbridge Houston-based Senior Vice President Gary Dunkum arranged the transaction.

“While hospitality is more difficult to fund in the current economic environment, our investor appreciated the merits of these high quality franchises and the borrower’s significant cash equity position,” stated Dunkum.

About Grandbridge Real Estate Capital

Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (BB&T), has a broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding. The company is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® Seller/Servicer, Seniors Housing and Targeted Affordable Housing lender, and an approved FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare lender. 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. The company has a current servicing portfolio of more than $25.3 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.