Grandbridge Real Estate Capital recently closed two first mortgage loans secured by a $3 million, 57-unit multifamily mid-rise and a $7 million 164-unit multifamily community, both in the St. Cloud, Minnesota area.
The refinances were originated by Minneapolis-based Vice President Tony Carlson.
The nonrecourse loans were funded through one of Grandbridge’s life insurance company correspondents and each featured a 10-year term with 15-year amortization. The loans closed with a very low, fixed interest rate below four percent. Grandbridge successfully worked with the borrower and lender to structure transactions that met the repeat borrower’s specific needs.