Grandbridge Real Estate Capital closed an $11.76 million first mortgage secured by a 384-unit multifamily property in Kansas City, Missouri.
Birmingham, Alabama-based Grandbridge vice president Paul Harbor originated the transaction.
Funding for the acquisition loan was arranged through Freddie Mac and featured a 10-year fixed rate term and 30-year amortization schedule with the first three years interest-only.
The 14 three-story garden-style buildings contain one- and two-bedroom units. The property was developed in 1989 and is about 10 miles southeast of Kansas City’s CBD.