Finance W Minnesota

Grandbridge Real Estate Capital provides $14 million in financing for Minnesota school

  

Grandbridge Real Estate Capital recently originated a $14.4 million acquisition loan secured by Seven Hills Preparatory Academy in Richfield, Minnesota.

The transaction was originated by Grandbridge Minneapolis vice presidents Tony Carlson and Brett Olson.

BB&T Capital Markets closed the $13.3 million Series 2017A (tax-exempt) and a $1.08 million Series 2017B (taxable) fixed rate bond transaction for SHPA ABC. Proceeds of the Series 2017 Bonds will be used to acquire a 60,000-square-foot facility in Richfield, Minnesota., that is leased to Seven Hills Preparatory Academy.

A portion of the proceeds will also be used to expand the facility with the construction of a gymnasium, renovate interior space and provide exterior improvements. Other proceeds funded a debt-service reserve fund, capitalized interest and will pay costs associated with issuing the Series 2017 Bonds.

Seven Hills Preparatory Academy began operations for the 2006-07 school year and, for the 2017-18 school year, serves students in grades K-8.