ATLANTA — Grandbridge Real Estate Capital LLC today said it has closed on a Fannie Mae credit facility worth up to $350 million for one of the largest real estate investment trusts in North America. Grandbridge is a subsidiary of BB&T Corporation principal subsidiary Branch Banking and Trust Company.

The borrower, whose name was not disclosed, will use the credit facility to buy a 1,930-unit, multi-state seniors housing complex.

“This was a challenging transaction that called for tremendous teamwork by the borrower, Fannie Mae and Grandbridge,” said Grandbridge Senior Housing Group co-head Scott Kavel, based in Norcross, Ga.

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 an active participant in multifamily products insured by the Federal Housing Administration.

The company also arranges permanent commercial and multifamily real estate loans with insurance companies, commercial mortgage-backed securities lenders and pension fund advisors. Grandbridge has a servicing portfolio of more than $21 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 ORIGINATION

Scott Kavel
Senior Vice President
Grandbridge Loan Production
678.906.4071

MEDIA

Jeff Nichols
Vice President
BB&T Corp. Communications
336.733.1472