Grandbridge Real Estate Capital recently originated and closed a $5.2 million first mortgage loan secured by two stand-alone Walgreens locations in Platteville and Cross Plains, Wis.
The loan refinanced existing full-recourse bank debt used to acquire the properties in 2009. Built in 2008 and totaling more than 14,000 square feet each, the buildings are located on the busiest hard corner in their respective cities and are leased through 2033.
Milwaukee-based Grandbridge vice president Rob Meister, assisted by senior analyst Dean Huber, arranged the financing through Nationwide Insurance Company. The 10-year term loan has a 30-year amortization schedule and closed with a fixed interest rate of 5.03 percent.
