BB&T Corporation, the parent company of BB&T Real Estate Funding, 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.
“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, said in a release. “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.
BBTREF provides first-mortgage bridge loans for clients seeking interim financing for transitional multifamily and core commercial properties requiring flexible structuring and prepayment terms.
