Grandbridge Real Estate Capital recently originated and closed a $2.9 million limited-recourse first mortgage loan secured by a medical office building in Wisconsin.
This loan refinanced an existing full-recourse bank loan. Located in Glendale, Wis., the 25,044-square-foot building was built in 2003.
Milwaukee-based Grandbridge vice president Rob Meister arranged the financing through American Equity Investment Insurance Company. The 10-year fixed-rate loan closed with an interest rate in the mid-5-percent range. Grandbridge senior analyst Dean Huber assisted with the transaction.