ATLANTA—Grandbridge Real Estate Capital recently funded a $7,600,000 first mortgage loan secured by Summerfield Apartments, a 232-unit multifamily complex situated on 11.8 acres in Harvey, Louisiana. The property is located approximately five miles south of the New Orleans central business district and the French Quarter in the city’s West Bank area—a neighborhood that has recovered substantially from Hurricane Katrina’s impact; with commercial activity in the area returning to pre-Katrina levels. Constructed in 1970 and substantially renovated in 2003, Summerfield is comprised of 19 two-story buildings. Property amenities include a clubhouse, swimming pool, car wash facility and playground.

Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corporation (NYSE: BBT) principal subsidiary Branch Banking and Trust Company, is one of the largest full-service commercial and multifamily mortgage banking companies in the nation. Grandbridge is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer and an active participant in multifamily products insured by the Federal Housing Administration (FHA). With a current servicing portfolio of more than $21 billion, representing 96 capital providers, Grandbridge is an S&P “Above Average” rated servicer.

Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, arranges permanent commercial and multifamily real estate loans, services loan portfolios, and provides asset and portfolio management as well as real estate brokerage services on a national basis. The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks as well as a proprietary lending platform—enabling Grandbridge to close more than 1,000 transactions in 2007.

With $132.6 billion in assets and nearly 1,500 financial centers in 11 states and Washington, D.C., Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT) is the nation’s 14th largest financial holding company. More information about the company is available at BBT.com.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

LOAN PRODUCTION

Tom Walsh
Vice President
678.244.9530

MEDIA

Patricia Muse
Grandbridge Marketing
205.978.1139