Grandbridge Real Estate Capital recently closed a $3 million first mortgage loan secured by three industrial properties totaling 95,000 square feet in Coon Rapids, Minn.
This refinance transaction was originated by Minneapolis-based Ben Fazendin and Chris Perry.
Funding for the fixed-rate nonrecourse loan was provided by RiverSource Life Insurance Company and featured a 10-year term, 25-year amortization and a fixed interest rate in the mid 5-percent range. The loan‘s lower interest rate enabled the client pay off existing debt. The client also has the ability to place secondary debt on the properties provided that the combined debt amounts to no more than 70 percent of the properties’ value. The properties are 95 percent occupied.
“Grandbridge successfully worked with the client and lender to overcome transaction challenges and the loan funded on-time as originally scheduled to meet the client’s timing objectives,” explained Fazendin.