Grandbridge Real Estate Capital recently closed an $11.2 million construction loan for a 66-unit, age-restricted, to-be-built housing property in Andover, Minnesota.
Minneapolis-based Senior Vice President Dave Rasmussen originated the transaction.
Rasmussen said the borrower sought a construction loan that provided maximum loan proceeds combined with a mini-perm and flexible prepayment in the event they want to go to the permanent market for a long-term, non-recourse loan.
The lender, he said, is a local bank that not only met all the borrower’s investment objectives but also provided the best interest rate in the market. The loan closed with an interest rate in the upper two percent range, with up to 30 months of interest-only.