Grandbridge Real Estate Capital recently closed a $17.75 million first mortgage loan secured by a 225-unit student housing property near Purdue University in West Lafayette, Ind.
Grandbridge vice pesidents Brett Olson and Dick Riley originated the transaction.
The initial funding was for $15.5 million, with future funding of up to $2.25 million. The 36-month loan has a six month period of interest-only followed by a 30-year amortization. The loan closed with an interest rate of about 3.75 percent.