Grandbridge Real Estate Capital recently closed a $43.5 million first mortgage secured by Highline at Nine Apartments, a 188,757-square-foot multifamily/student housing/retail property in Columbus, Ohio.
Grandbridge Columbus-based Senior Vice President Ted Schmidt originated the development transaction.
Funding for the permanent loan was arranged through one of Grandbridge’s insurance company relationships and featured a 20-year term, 30-year amortization, and an initial period of interest-only. The loan closed with a fixed interest rate in the mid four percent range.
The 114-unit multifamily property features a business center, covered parking, a swimming pool with sundeck, and washer/dryers in each unit.