Gantry secured a $39.5 million permanent loan as construction takeout financing for the Edison at Woodbury apartments at 326 Karen Drive in Woodbury, Minnesota, a fast-growing Twin Cities suburb east of St. Paul.
The recently completed, Class-A podium-style mid-rise apartment building also includes a limited mix of satellite townhome and carriage house units featuring living space and attached garage parking, with the community offering a total of 207-units in one-, two-, and three-bedroom floorplans.
All units feature plank flooring, modern kitchens with stainless steel appliances, in-unit washer and dryer, walk in closets, patios/balconies, and expansive closets. Edison at Woodbury’s shared amenities include a resort style pool and outdoor recreation space, fitness center, co-working space, and clubhouse facilities.
Gantry’s Joe Monteleone, Principal, and Bonnie Monteleone, Senior Associate, with the firm’s St. Louis production office represented the borrower, a private real estate investor. The 10-year, fixed rate, non-recourse loan was secured from Freddie Mac and features five years of interest only transitioning to 35-year amortization.
