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MinnesotaCRE

Grandbridge provides $5.4 million financing for Minnesota office/flex acquisition

Staff Writer April 1, 2017
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Grandbridge Real Estate Capital closed a total of $5.4 million in debt and equity funding for the acquisition of River Road South, a 120,000 square foot office/warehouse building in Fridley, Minnesota.

Funding of the equity portion of the acquisition of was provided through one of Grandbridge’s equity relationships while the debt was provided by a local bank. This is the second acquisition by the borrower and JV partner. The same bank provided a non-recourse loan on a 2015 loan, providing for a seamless transaction from beginning to end.

This acquisition, when combined with the borrower’s 2015 acquisition, gives the borrower control over a total of 250,000 square feet of space in this market.

Minneapolis-based Senior Vice President Dave Rasmussen originated the transaction.

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