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.
