COLUMBUS, OHIO — The Columbus, Ohio office of Grandbridge Real Estate Capital LLC recently funded a $24,000,000 first mortgage secured by The Quarters at Rue Principale, a 205-unit, Class “A” student housing apartment community on the campus of the University of Louisiana at Lafayette (ULL) in Lafayette, La. The long term financing of the 580-bed complex was funded by Grandbridge and sold to Fannie Mae under its DUS® Cash Early Rate Lock (ERL) program. Proceeds from the transaction will be used to pay off existing construction loans and closing costs. The fixed-rate loan carries a seven-year term, followed by a 30-year amortization schedule.

The property, built in 2007 in two phases, with the last 71 units / 190 beds completed in the fall of 2007, was fully leased for the spring 2008 semester. Comprised of five buildings totaling 252,309 gross square feet and 247,738 total leasable square feet, the three-story buildings feature a mix of 10 unit types.

“Within walking distance of campus classrooms, The Quarters at Rue Principale features exceptional amenities including a large well-equipped fitness center, clubhouse with theater, group study and social interaction areas as well as free tanning beds, a resort-style pool, sand volleyball court, basketball court, and outdoor grills all surrounded by luxurious landscaping and perimeter fencing with card key access gates,” commented Grandbridge Vice President David Poe. “All units include fully furnished living rooms and private bedrooms and feature washers and dryers as well as high-speed Internet connectivity. Each bedroom has separate entry locks, smoke detectors and panic alarm buttons.”

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, is a Fannie Mae DUS^® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved participant in multifamily products insured by the Federal Housing Administration.

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 of more than $22 billion representing 96 capital providers. It closed more than 1,000 transactions in 2007.

With $136.4 billion in assets, BB&T Corporation (NYSE: BBT) is the nation’s 14th largest financial holding company. It operates nearly 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

LOAN CONTACTS

Ted Schmidt
Grandbridge SVP
614.358.4102

David Poe
Grandbridge VP
614.358.4112

MEDIA

Patricia Muse
Grandbridge Marketing
205.978.1139