Grandbridge Real Estate Capital recently closed a $4.5 million first mortgage loan secured by a 107-unit apartment complex in St. Louis Park, Minn. Minneapolis-based Tony Carlson originated the refinance transaction.
Funding for the loan was arranged through a life-insurance company and featured a fixed rate for the entire 20-year term. The loan required no personal guaranty and featured a fixed interest rate in the low 4-percent range.
The borrower used a forward rate lock, locking his rate in the spring for a September funding. Loan proceeds were used to retire existing debt and provide cash out to the borrower.
