Grandbridge Real Estate Capital recently closed a $2.25 million first mortgage loan secured by 11,750 square feet of retail space in the heart of Minneapolis’ Uptown neighborhood.
The retail component is part of the larger mixed-use Lumen on Lagoon project.
The property also contains four floors of condominium units above the retail and underground parking below it.
Tony Carlson with Grandbridge closed the refinance transaction.
Funding for the loan was provided by a life-insurance company, and featured a fully amortizing term of 15 years. The loan closed with an interest rate in the low 4-percent range.
