Minneapolis-based assistant vice president Jeff Witt and analyst William Perry with Grandbridge Real Estate Capital recently closed a $2.553 million first mortgage loan secured by a 32-unit apartment property in Saint Paul, Minnesota.
Funding for the loan was provided through Freddie Mac and featured a 30-year amortization and interest-only payments for a portion of the term.
“The Freddie Mac small balance loan program allowed the borrower to eliminate their interest rate risk and lock rate at application in what was a rising interest rate environment that was changing daily,” said Witt.
