Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
MinnesotaMultifamily

Grandbridge closes $11.2 million construction loan for multifamily project in Minnesota

Staff Writer March 26, 2017
Share on Facebook Share on Twitter Share on LinkedIn Share via email

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.

Tags
News
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IllinoisCRE

Lodge Financial closes on cash out refinance to buy out partners on 96-unit apartment building

May 17, 2022
IllinoisCRE

Clear Height Properties names new director of leasing

May 17, 2022
IllinoisIndustrial

Clear Height Properties announces $3.1 million sale of 31,385-square-foot industrial building in Addison 

May 17, 2022
IllinoisCRE

Chicago-based DMG hires new CFO

May 17, 2022

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise/Editorial Calendar
© 2022 REjournals.com