BIRMINGHAM, Ala. — Grandbridge Real Estate Capital LLC recently funded a $4,250,000 first mortgage secured by Forest Ridge Apartments in Jackson, Miss. The transaction, originated and closed by Grandbridge Assistant Vice President Paul Harbor, was funded by Grandbridge and sold to Fannie Mae. The refinance closed with an interest rate in the low-six percent range, has a 10-year term, with the first five years at interest-only, and a 30-year amortization.

The 120-unit garden-style apartment property, managed by Heritage Properties, Inc., of Jackson, is comprised of 17 two-story buildings with one-, two- and three-bedroom units. Built in 1973 and situated on 6.46 acres, the community features amenities that include a large clubhouse/leasing office, swimming pool, tennis court, handball court and laundry facility.

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 $136.5 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

MEDIA

Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139