Grandbirdge Real Estate Capital recently closed a $2.5 million first mortgage loan secured by a 65-unit apartment property in Coon Rapids, Minn.
Mineapolis-based Tony Carlson originated the loan.
Funding for the fixed-rate loan was provided by Riversource. The loan features a 10-year term, 25-year amortization and a fixed interest rate in the low 4-percent range. The loan required no personal guaranty and featured a fixed interest rate for the duration of the term.