Following the closing of a $21 million first mortgage loan secured for a Virginia community, Grandbridge Real Estate Capital has arranged a $22.3 million loan for the construction of The Quarters at Vermillion, a 496-bed student housing property in Vermillion, S.D. The five-year term development loan includes two years of interest-only payments and a 30-year amortization schedule.
Serving the University of South Dakota, the community will be located within walking distance of the university and will feature 169 units with new modern finishes, balconies and common-area amenities such as:
- hot tub
- outdoor basketball courts
- fitness center
- sand volleyball
- coffee bar and lounge
- game room
The student housing property is scheduled for completion by the beginning of the 2019-2020 academic year. Minneapolis-based Vice President Brett Olson secured the loan for a repeat borrower.
Rendering courtesy of Grandbridge Real Estate Capital