BB&T Commercial Real Estate Unit Buys Calif. Lender

Grandbridge Real Estate Capital, a wholly owned subsidiary of BB&T (BBT), is buying Dwyer-Curlett & Co., a commercial real estate finance firm based in Los Angeles.

The deal, announced Monday, would give Charlotte-based Grandbridge three offices in Southern California and add to the company's portfolio, which focuses on loans up to roughly $250 million for commercial and multifamily real estate nationwide. A sale price was not disclosed.

"We're enthusiastic about bringing Dwyer-Curlett's experienced production and asset management team onboard," David Roberts, Grandbridge's chief operating officer, said in a news release.

"Our origination and servicing expertise combined with the large resource base at Grandbridge will make for a very successful union," Shelley Magoffin, Dwyer-Curlett's chief executive, added in a news release.

The deal, which is expected to close Nov. 30, comes amid renewed interest in commercial real estate by BB&T. The $182 billion-asset company said Thursday that commercial real estate loans grew 4% from the second quarter, to $10.9 billion, after eight consecutive quarters of shrinkage in that portfolio. BB&T added loans in several areas, including commercial lending, revolving credit, residential mortgages and specialty finance.