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Business
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Saturday, June 21, 2008, 3:00 AM
BB&T subsidiary closes senior housing deal By Laura Keeter | Daily Times Staff Writer ATLANTA -- Grandbridge Real Estate Capital LLC, a subsidiary of BB&T, 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. 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 Scott Kavel, co-head of Grandbridge Senior Housing Group, based in Norcross, Ga. Charlotte-based Grandbridge is one of the largest full-service commercial and multifamily mortgage banking companies in the nation. Grandbridge has a servicing portfolio of more than $21 billion representing 96 capital providers. It closed more than 1,000 transactions in 2007.
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