Grandbridge Expands Freddie Mac Program Plus to Texas

Published On: 06.06.11

CHARLOTTE, N.C. — Grandbridge Real Estate Capital announced today that Freddie Mac has given the company approval to originate loans in Texas under its Multifamily Program Plus® Seller/Servicer network. “This expansion into Texas builds upon our long-standing relationship with Freddie Mac. With our Houston and Dallas offices approved, 23 of our 24 national production offices are licensed to originate Program Plus loans,” explained Grandbridge CEO Tom Dennard.

Approved for specific geographic areas, Freddie Mac’s Program Plus Seller/Servicer network is a highly selective group of 25 experienced multifamily lenders across the nation that meet Freddie Mac’s standards for both the origination and servicing of multifamily loans.

“Grandbridge is thrilled to expand its representation of Freddie Mac into Texas. Over the past two years we have ramped up our Freddie Mac production and our relationship with Freddie Mac has never been better. Our production teams in Dallas and Houston have been delivering transactions to Freddie Mac through geographic waivers for some time now, but having the actual license will allow us to deliver much greater efficiency to our clients. John Fenoglio and Stuart Wernick have built exceptional teams in their markets, and we anticipate great results in 2011 and beyond,” explained Grandbridge Senior Vice President Jeff Patton, director of the company’s Agency Lending team.

“Our approval as a member of Freddie Mac’s Program Plus network is the perfect complement to our broad capital provider base,” detailed Grandbridge Senior Vice President Stuart Wernick, manager of the Dallas office. “We are pleased we now have the ability to offer our clients this powerful multifamily finance option in the Texas market — and delighted that Freddie Mac has demonstrated its confidence in the ability and strength of our Texas-based loan origination teams.”

“The opportunity to represent Freddie Mac throughout the state of Texas is very significant, both for Grandbridge and for all of the multifamily developers Grandbridge represents. While traditionally one of the most prolific sources of debt financing for all forms of multifamily housing, Freddie Mac is especially important in today’s environment. Its adjustable rate mortgage and fixed rate long-term loan products are among the most attractive and competitive available in the market,” said Grandbridge Senior Vice President John Fenoglio, manager of the Houston office.

Grandbridge is also one of a select Multifamily Targeted Affordable Seller/Servicers in the nation. Companies approved by Freddie Mac to be Multifamily Targeted Affordable Seller/Servicers can sell and service Freddie Mac targeted affordable housing loans secured by properties located anywhere in the United States. Targeted Affordable Seller/Servicers have significant expertise in the area of targeted affordable housing, among other criteria.

About Grandbridge

Real Estate Capital LLC?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 Freddie Mac Program Plus Seller/Servicer and Targeted Affordable Housing lender, a Fannie Mae Delegated Underwriting and Servicing (DUS) 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. The company has a current servicing portfolio of more than $24 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.

About BB&T

BB&T Corporation, headquartered in Winston-Salem, N.C., is among the nation's top financial-holding companies with $157 billion in assets and market capitalization of $19.1 billion (as of March 31, 2011). The company operates approximately 1,800 financial centers in 12 states and Washington, D.C. More information about BB&T and its full line of products and services is available at www.BBT.com.