Grandbridge Real Estate Capital recently closed a first mortgage loan secured by a six-building, 420,000-square-foot office park in Mendota Heights, Minnesota.
Minneapolis-based Tony Carlson originated the refinance for the borrower. Funding for the loan was provided by a life insurance company and featured a fixed rate for the entire 10-year term and 25-year amortization. The loan required no personal guaranty and closed with a low interest rate and flexible structure to facilitate borrower objectives.
“The loan funded on time and met our repeat client’s timing goals and allowed them to capitalize on historically low interest rates, allowing them to significantly reduce their debt service,” said Carlson.
The borrower and Carlson are graduates from the University of Wisconsin-Madison and a donation was made to the Wisconsin Real Estate Alumni Association to celebrate the closing.
