Grandbridge Real Estate Capital recently closed a $16 million first mortgage loan secured by a 240-unit multifamily property in St. Cloud, Minnesota.
This refinance transaction was originated 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 low fixed interest rate. The class-A property features an abundance of amenities and large finished units.
The borrower used a forward rate lock that allowed the borrower to lock rate eight months before closing, thereby eliminating interest rate rick. The loan was nonrecourse to the borrower and retired existing maturing debt.
