Grandbridge Real Estate Capital purchases California commercial real estate firm
CHARLOTTE, N.C., Oct. 22, 2012 /PRNewswire/ -- Grandbridge Real Estate Capital LLC, a wholly-owned subsidiary of BB&T Corporation (NYSE: BBT), announced today that it has reached an agreement to acquire Dwyer-Curlett & Co., a leading commercial real estate finance firm with three offices in southern California. The transaction, which is subject to investor approval, is expected to close Nov. 30, 2012.
"This purchase continues our geographic expansion into the attractive California market and fully anchors our national footprint on the West Coast," said Grandbridge CEO Thomas S. Dennard. "Dwyer-Curlett's delivery network – when combined with our enhanced access to capital, investment partners and BB&T's financial strength – will enable us to span financial boundaries and better connect clients with capital solutions nationwide."
Grandbridge Real Estate Capital, one of the nation's largest full-service commercial and multifamily mortgage banking firms, 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.
"We're enthusiastic about bringing Dwyer-Curlett's experienced production and asset management team onboard," said Grandbridge President and Chief Operating Officer David A. Roberts. "These associates make an outstanding addition to our company and illustrate the high quality talent that the Grandbridge business model continues to attract."
Founded in 1933, Dwyer-Curlett & Co. is a pioneer commercial real estate firm specializing in the placement of debt and equity with life insurance companies and other institutional sources. Independently owned by partners, Dwyer-Curlett finances a wide spectrum of commercial property types including industrial buildings, office buildings, shopping centers and apartment complexes. A leading provider of commercial real estate capital solutions in southern California, Dwyer-Curlett also services income property loans totaling approximately $4 billion on behalf of life insurance companies and other institutional lenders.
"Our origination and servicing expertise combined with the large resource base at Grandbridge will make for a very successful union," said Shelley Magoffin, president and CEO of Dwyer-Curlett. "This is an excellent growth opportunity for our firm, especially considering the tremendous benefit we'll gain from our association with BB&T and its strong balance sheet. In all, we believe that an expanded delivery system and greater access to capital markets and proprietary lending services will greatly benefit our clients."
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 Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller/Servicer, and an approved FHA 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 $26 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.
SOURCE Grandbridge Real Estate Capital LLC