Grandbridge Real Estate Capital closed $3.26bn in loan originations during first half of this year compared to $2bn last year, an increase of about 64 percent.
Now the firm is aiming to originate as many as 800 loans worth $7bn by the end of this year, and in order to accommodate that growth the firm is looking to hire 10 to 15 originators, Matthew Rocco, executive vice president at Grandbridge, told Real Estate Capital.
The North Carolina-based lender has closed 338 loans this year, up from 223 loans during the same period last year — an increase of around 51 percent. The average ticket size also increased from $8.9m to $9.6m.
“There’s increasing transaction velocity throughout the marketplace aided with very active agency lending,” Rocco said. “We have also been very active with our proprietary capital markets programs and that has significantly expanded our customer base. I think a continued low interest rate environment coupled with our ability to gain significant market share and refinance many loans in our own maturing portfolio has helped.”
Grandbridge is an active player in the small-to-mid sized loan market backed by multi-family and commercial real estate properties. One of the firm’s significant transactions this year was the $93.5m first mortgage loan it provided to Washington-based Dweck Properties for the acquisition of the Icon apartments at Dulles Station in Herndon, Virginia. Icon consists of two eight-story buildings with 457 units spread over 553,000 sq ft.
The company opened a regional office in Denver last month and brought in John Stewart from NorthMarq Capital to head the business in the region. Grandbridge is a subsidiary of Branch Banking and Trust Company, a financial services firm that has $191bn in assets and a market capitalization of $29.6bn.