Grandbridge Real Estate Capital recently closed a $51.5 million first mortgage loan secured by a 264-unit/538-bed Class-A student housing property located near a large university in the Midwest. The acquisition financing was originated by Minneapolis-based vice president Brett Olson.
The nonrecourse loan was funded through Grandbridge’s Fannie Mae DUS® platform, and featured a 15-year term with three years of interest-only followed by a 30-year amortization. The loan closed with a fixed interest rate in the mid-4 percent range.
The subject property is a dedicated premier student housing property located about one mile from the school’s campus. The property features 264 units and common-area amenities for students that include a resort-style pool, outdoor kitchens, sand volleyball court, bocce ball, fitness center, game room and roof top terraces.