CHICAGO, IL - BB&T Real Estate Funding announced today that parent company BB&T Corporation has increased its portfolio capacity from $400 million to $800 million. This will allow the firm to expand its lending capabilities through Grandbridge Real Estate Capital. Since its inception in 2008, BB&T Real Estate Funding (BBTREF) has provided nearly $500 million in financing for commercial real estate projects throughout the United States. Expected to originate $400 million in 2011 alone, BBTREF sources all loans through Grandbridge Real Estate Capital's 25 nationwide production offices.
Source: BB&T Corporation
"Doubling our portfolio capacity reflects the confidence BB&T has in our team and the quality of our portfolio," said Kirk Booher, manager of BBTREF. "We expect 2011 will be a very strong year for us. Our proprietary relationship with Grandbridge is hitting its stride, and we are seeing increased transaction activity and improved fundamentals in the marketplace, particularly for multifamily, our preferred property type.
"The steadfast support of BB&T along with Grandbridge's leadership has helped us weather the challenges of the past few years. We are positioned as one of the strongest and most active bridge lenders in the United States today."
BBTREF provides first-mortgage bridge loans for clients seeking interim financing for transitional multifamily and core commercial properties requiring flexible structuring and prepayment terms. This helps clients acquire and reposition property until a sale or permanent financing is available.
$5 million to $25 million with portfolio loans of up to $50 million
Two to three years, with extension options possible
Floating rate, with caps available
Generally nonrecourse, subject to standard carve outs
Minimum debt service requirements evaluated on a deal-by-deal basis
Chicago-based BBTREF, a proprietary lending unit of Grandbridge Real Estate Capital, is a national real estate finance company uniquely focused on providing custom-tailored financing to middle market real estate developers and investors. With expertise in structuring interim first mortgage bridge loans, BBTREF mission is the creation of capital solutions with the greatest potential for success.
As a capital source that delivers on its promises, BBTREF provides clients with attractive alternatives to ordinary recourse bank financing while tailoring financing solutions that manage risks, maximize profits and support the execution of clients' business plans — project after project.
Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (BB&T), has a broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding. The company is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac program Plus® Seller/Servicer and Targeted Affordable Housing lender, and an approved FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare lender.
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. Grandbridge has a current servicing portfolio of more than $24 billion and represents approximately 100 capital providers.
BB&T Corporation (NYSE: BBT) is one of the largest financial services holding companies in the U.S. with $157 billion in assets and market capitalization of $19.1 billion, as of March 31, 2011. 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.