Grandbridge Real Estate Capital recently closed a $5.5 million first mortgage loan secured by two single-tenant retail buildings in Waite Park, Minnesota.
This refinance transaction was originated by Minneapolis-based vice president Tony Carlson.
Funding for the loan was provided by a life insurance correspondent and featured a 15-year term and 15-year amortization, closing with a fixed interest rate below 4.25 percent. The interest rate was locked at application and the transaction closed in 60 days.
In this rising interest rate environment, the rate lock at application allowed the borrower to mitigate interest rate risk while moving toward an attractive, long-term, nonrecourse, fully amortizing loan.