Grandbridge Real Estate Capital buys California commercial real estate firm
Grandbridge Real Estate Capital, a wholly-owned subsidiary of BB&T, is to acquire Dwyer-Curlett, a commercial real estate finance firm with three offices in southern California.
The transaction, which is subject to investor approval, is expected to close on 30 November 2012.
"This purchase continues our geographic expansion into the attractive California market and fully anchors our national footprint on the West Coast," says Grandbridge chief executive Thomas S. Dennard (pictured). "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.
Founded in 1933, Dwyer-Curlett is a commercial real estate firm specialising 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 centres and apartment complexes. Dwyer-Curlett also services income property loans totalling approximately USD4bn 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," says Shelley Magoffin, president and chief executive 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."