Grandbridge Real Estate Capital recently closed two first-mortgage loans secured by a pair of apartment complexes consisting of 119 and 217 units in Omaha, Nebraska.
This financing was originated by Minneapolis-based vice presidents Brett Olson and Dick Riley.
Funding for the fixed-rate, nonrecourse loans was provided by a Grandbridge life insurance company correspondent and Freddie Mac. The life insurance company loan featured a 15-year term, 30-year amortization, and closed with an interest rate below four percent.
The Freddie Mac funded loan took advantage of the lease up program, allowing the borrower to lock rate and fund once the asset was 65 percent leased. In addition to the early funding, the loan featured an interest-only component and a closed with an interest rate of approximately four percent. Grandbridge facilitated a timely closing process in step with the borrower and lenders’ closing timeframes.