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Grandbridge Real Estate Capital LLC STRONG Commercial Mortgage Loan Primary Servicer Affirmed; Ranking Outlook Stable


  • Grandbridge Real Estate Capital LLC, in business since 1994 and headquartered in Charlotte, N.C., is a full-service commercial mortgage banking company wholly owned by Truist Bank, the seventh-largest U.S. bank based on assets and deposits.
  • We affirmed our overall STRONG ranking on Grandbridge Real Estate Capital LLC as a commercial mortgage loan primary servicer.
  • The ranking outlook is stable.

ENGLEWOOD (S&P Global Ratings) Feb. 6, 2023--S&P Global Ratings today affirmed its STRONG ranking on Grandbridge Real Estate Capital LLC (Grandbridge) as a commercial mortgage loan primary servicer. The ranking outlook is stable.

Our ranking reflects Grandbridge's:

  • Successful track record of serving lender clients and borrowers;
  • Experienced and tenured servicing management and staff;
  • Experience with multiple capital sources, along with a diversity of collateral property types and geographic locations;
  • Institutional backing and support of Truist Bank;
  • Employee training efforts that demonstrate a firm commitment to broadening its staff members' skills and keeping them informed of developments within the industry;
  • Solid commitment to the technology systems needed to effectively manage the loan portfolio; and
  • Good compliance and control environment, notwithstanding a somewhat less frequent internal audit schedule than most similarly ranked peers.

Since our prior review (see "Grandbridge Real Estate Capital LLC," published Feb. 4, 2021), the following changes and/or developments have occurred:

  • In December 2022 Grandbridge's president, chief operating officer (COO), and national head of production each resigned to pursue other opportunities.
  • The president role was subsequently filled internally by the head of national real estate at Truist Bank, who has 18 years of experience with Truist and its SunTrust Bank predecessor.
  • The COO role was filled on an interim basis by the head of business development and servicing strategy, an executive with over 15 years of experience with SunTrust Bank, including the last two with Grandbridge.
  • In September of 2021, Truist offered a voluntary separation and retirement program, and five Grandbridge asset management and loan servicing employees participated.
  • In conjunction with Truist's corporate strategy, Grandbridge established a hybrid work environment, with individual line managers determining the number of days employees are required on-site.
  • To increase its access to talent and diversify its workforce, Grandbridge hired 16 remote-based employees throughout the U.S.
  • Grandbridge's primary servicing portfolio decreased nearly 2% to $37.6 billion unpaid principal balance (UPB) as of June 30, 2022, from $38.3 billion UPB as of June 30, 2020.
  • Grandbridge created a five-year technology roadmap with infrastructure and application upgrades/enhancements to include integrated workflows across applications.
  • In 2022, employee laptops were replaced with new machines containing faster processors and more memory.

The ranking outlook is stable. Although Grandbridge recently experienced resignations at the senior executive level, none of the departing personnel worked directly within the asset management and servicing group. While these senior-level departures may impact near-term growth due to disruptions within the originations channel, we expect Grandbridge will continue to maintain the staffing, processes, and technology needed to administer its portfolio in accordance with its existing ranking.

The financial position is SUFFICIENT.

Related Research

This release does not constitute a rating action.

Servicer Analyst:Geoffrey C Danek, Englewood + 1 (303) 721 4689;
Secondary Contact:Marilyn D Cline, Dallas + 1 (972) 367 3339;
Analytical Manager, Servicer Evaluations:Robert J Radziul, New York + 1 (212) 438 1051;

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