Finance W Minnesota

Grandbridge provides $7 million in financing for Minnesota apartment community

  

Grandbridge Real Estate Capital recently closed a $7.1 million first mortgage loan secured by a 72-unit apartment community in Moorhead, Minnesota. This financing was originated by Minneapolis-based vice president Tony Carlson and analyst Jeff Witt.

Funding for the fixed-rate loan was provided by one of Grandbridge’s life insurance company correspondents and featured a nonrecourse 15-year term, 30-year amortization and low fixed interest rate.

Grandbridge facilitated a timely closing process in step with the borrower’s closing timeframe.