Gantry secured a $48.3 million permanent loan to retire construction financing for The Edison at Maple Grove apartments at 9820 Garland Lane North in Maple Grove, Minnesota, a fast-growing suburb about 20 miles northwest of Minneapolis.
The two-building, five-story, class-A, podium-style building features 248-units over two-stories of heated underground parking with an additional 149 surface parking spaces. Floor plans include one-, two-, and three-bedroom layouts with interior finishes featuring modern kitchens with stainless steel appliances, premium plank flooring, carpeted bedrooms, and in-unit washer/dryer. Property amenities include resort-style swimming pool with cabana, rooftop clubhouse, business center, fitness center, dog park, and playground.
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, full-term interest only loan was secured from Freddie Mac.
