Birmingham, Ala. — Grandbridge Real Estate Capital recently originated and closed two West Coast manufactured home community transactions. Birmingham, Ala.-based Senior Vice President Chris Dyson and Vice President Todd Elkins originated and closed a $16,100,000 first mortgage loan secured by Colony Cove MHC in Carson, Calif.

Funding for the seven-year refinance loan was provided through Fannie Mae’s Delegated Underwriting and Servicing (DUS®) loan product. Proceeds from this transaction were utilized to pay off the borrower’s existing loan, pay closing costs and purchase an interest rate cap for this structured ARM loan. After the first year of the loan term, the borrower has the option to convert the loan to a fixed rate loan having either a seven-year term with five or six and half years’ of yield maintenance or a 10-year term with seven or nine and half years’ of yield maintenance.

The 404-site Southern California age restricted (55+) manufactured home community was developed in 1976. Situated on approximately 52.53 acres, the property has been 100 percent occupied for more than 20 years. Amenities to the gated community include a clubhouse containing a meeting room, kitchen, community room, library, billiards room, spa, sauna, exercise room and laundry facility. Additional amenities include a swimming pool and grilling area. There is also guest parking and RV storage.

Senior Vice President John Segrest originated and closed a $1,750,000 first mortgage loan secured by Chattaroy Valley Estates located in Chattaroy, Washington. Funding for the fixed rate refinance loan was also provided by Fannie Mae under its DUS loan program. With the first two years at interest-only, the loan features a 30-year term, amortized over 30 years. The proceeds from the loan will be used to return a portion of the borrower’s equity. “Low leverage and a strong borrower made this deal work,” said Segrest.

Located on approximately 30 acres, the 130-site manufactured home community was built in two phases in 1983 and 2000. Common area amenities include a heated pool, playground, basketball court and RV storage.

About Grandbridge Real Estate Capital LLC

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 lender, a Freddie Mac program Plus? Seller/Servicer 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. Grandbridge has a current servicing portfolio of more than $24 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.

About BB&T

BB&T Corporation, headquartered in Winston-Salem, N.C., is among the nation's top financial-holding companies with $157 billion in assets and market capitalization of $19.1 billion, as of March 31, 2011. The company operates approximately 1,800 financial centers in 12 states and Washington, D.C. More information about BB&T and its full line of products and services is available at www.BBT.com.