Grandbridge Finances $16M Multifamily Property
- Jul 16, 2015
Minneapolis–Grandbridge Real Estate Capital recently closed a $16 million first mortgage loan secured by a 240-unit multifamily community in St. Cloud, Minn.
The refinance transaction was initiated by Minneapolis-based Vice President Tony Carlson. Funding for the fixed rate loan was provided by a life insurance company and featured a 15-year term, 25-year amortization and a very low fixed interest rate.
The class A property is on approximately 33 acres and has nearly 282,554 square feet of space. It showcases a surplus of amenities and spacious, nicely finished units. The borrower used a forward rate lock allowing the borrower to lock rate eight months before closing, thus eliminating interest rate rick. The loan was nonrecourse to the borrower and cleared existing maturing debt.