Senior vice president Dave Rasmussen and assistant vice president Brett Olson in the Minneapolis office of Grandbridge Real Estate Capital recently originated and closed two first mortgage loans totaling more than $11.4 million for Grandbridge clients.
The first loan was secured by a medical office property located in a southern suburb of the Twin Cities. Funding for the fixed-rate nonrecourse loan was provided by Aetna Health and Life Insurance Company, and featured a 10-year term, 25-year amortization and a fixed interest rate in the mid-5 percent range.
The loan allowed the borrower to refinance the existing construction loan on property and secure permanent financing. Aetna was selected for numerous reasons including the ability to lock the interest rate at application and higher loan proceeds as a percentage of the total cost basis. Grandbridge successfully worked with the client and lender to close the loan in 50 days as originally scheduled.
The second loan was secured by a portfolio of three office/warehouse buildings located in Minnetonka, Minn. Funding for the refinance transaction was provided through Summit Investment Partners. The 10-year term loan closed with an interest rate in the mid-5 percent range and refinanced the clients’s maturing CMBS loan.