Grandbridge Real Estate Capital recently closed a $3.8 million first mortgage loan secured by a 97-unit multi-family property in St. Cloud, Minn. This refinance transaction was originated by Minneapolis-based vice president Tony Carlson.
Funding for the fixed-rate loan was provided by a life-insurance company and featured a 15-year term, 15-year amortization and closed with an interest rate in the low 3 percent range.
The interest rate was locked at application and the loan carried a forward rate lock to facilitate the October closing date. The low interest rate environment enabled the borrower to significantly reduce the debt-service payments while moving to a fully amortizing nonrecourse loan.