Grandbridge Real Estate Capital has closed a $30.5 million first mortgage loan for Borealis, a 124-unit community in Minneapolis. Curt Gunsbury of Solhem Cos. developed the Class A property in the North Loop neighborhood. Within three months of construction completion, Borealis was completely leased.
Located at 721 N. First St., the recently completed asset is near the Mississippi River, providing easy access to Interstate 94. North Loop is home to many restaurants and shops. According to Yardi Matrix data, the LEED-certified building features townhouses and one- and two-bedroom units ranging from 529 to 1,211 square feet. Amenities of the seven-story building include:
- a fitness center
- yoga room
- rooftop deck
- underground parking
- community lounge
Funded through BB&T Real Estate Funding, Grandbridge’s balance sheet loan product, the non-recourse refinancing features a 7-year term with 3 years of interest-only followed by a 30-year amortization, closing with a fixed interest rate in the mid 4 percent range. Vice President Matt Halberg originated the loan.
Recently, Grandbridge Real Estate Capital also structured a $26.3 million first mortgage loan for Alden Apartment Homes, a 210-unit property in Tualatin, Ore.
Image courtesy of Yardi Matrix