Grandbridge Real Estate Capital Vice President Tom Vrabac in the company’s Kansas City office originated a $2,500,000 first mortgage loan secured by Lamar Place Apartments in Mission, Kansas.  The 108-unit property is subject to a Land Use Restriction Agreement (LURA) whereby 100% of the units must be rented to households whose income is 60 percent or less of the area median income (AMI).  Funding for the fixed rate acquisition loan was provided by Fannie Mae under its DUS loan program with an interest rate in the mid-five percent range and a 10-year term, amortized over 30 years. “An understanding of LIHTC/Affordable housing was necessary in order for us to execute and close the transaction in the short timeframe needed,” explained Vrabac.

About Grandbridge 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 proprietar y lending platform. 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.

The company is a Fannie Mae DUS lender, a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender and a MAP multifamily and LEAN healthcare approved participant in products insured by the Federal Housing Administration (FHA).  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.

About BB&T As of Sept. 30, BB&T is one of the largest financial services holding companies in the U.S. with $157.2 billion in assets and market capitalization of $16.7 billion. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.