S&P Affirms Grandbridge Real Estate Capital's Above Average Commercial Servicing Ranking

Published On: 10.01.08

CHARLOTTE, N.C. — Grandbridge Real Estate Capital LLC (Grandbridge) is pleased to announced that Standard & Poor’s Ratings Services today affirmed Grandbridge’s ABOVE AVERAGE commercial mortgage primary servicer ranking, citing that the company’s outlook is stable.

“We’re very proud of our high S&P rating and congratulate our Servicing Co-Managers, Senior Vice Presidents Joe Lovell and Russell Richardson and their entire team on securing this above average rating for the combined Grandbridge servicing operation,” stated Grandbridge CEO Thomas S. Dennard.

“We continue to strive for a higher rating. However, maintaining the ‘above average’ rating less than four months after combining the Laureate Capital and Collateral servicing operations is a complement to the hard work of our servicing department. I know our dedicated team will work to maintain and improve going forward,” said Grandbridge President and COO David A. Roberts.

"The affirmation by S&P reinforces our strong belief that our integrated servicing team is positioned as one of the premier commercial servicing operations in the country," explained Grandbridge Senior Vice President and Servicing Co-Manager Joe Lovell.

The Standard & Poor's affirmation follows the formation of Grandbridge following a series of recent corporate business transactions between BB&T Corp. and Collateral Real Estate Capital LLC (Collateral). Standard & Poor's maintained an ABOVE AVERAGE commercial mortgage servicer ranking on Grandbridge’s predecessor company, Laureate Capital LLC, which was also included on Standard & Poor’s Select Servicer List.

On Nov. 1, 2007, a subsidiary of BB&T Corp., Laureate’s parent company, completed its acquisition of Collateral, a commercial real estate finance company headquartered in Birmingham, Ala. The operations of Collateral, and its $10 billion dollar servicing portfolio, were then combined with Laureate, BB&T’s existing Charlotte, N.C.-based commercial mortgage banking firm, and renamed Grandbridge Real Estate Capital LLC.

The ABOVE AVERAGE ranking is applicable to the newly formed Grandbridge organization, which now services a portfolio that is effectively twice the size of Laureate's portfolio. The ranking reflects the continued solid operations of the former Laureate platform in Charlotte, and acknowledges the stellar servicing activities conducted at the former Collateral business in Birmingham. Laureate and Collateral each managed diverse asset portfolios. Now combined, Grandbridge will function in accordance with the solid internal controls that were previously in place at Laureate.

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 a MAP-approved participant in multifamily products insured by the Federal Housing Administration.

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services. Grandbridge has a servicing portfolio of more than $22 billion representing 96 capital providers. It closed more than 1,000 transactions in 2007.

With $136.5 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

David A. Roberts
Grandbridge COO
205.978.1841

SERVICING

Joe Lovell
Grandbridge SVP
Servicing Co-Manager
704.379.6998

Russell Richardson
Grandbridge SVP
Servicing Co-Manager
205.978.1119

MEDIA

Patricia Muse
Grandbridge VP | Director of Marketing
205.978.1139