Grandbridge Real Estate Capial recently closed a $43.7 million first mortgage construction/renovation loan secured by a student-housing property in Iowa City, Iowa.
Brett Olson and Dick Riley, vice presidents in Grandbridge’s Minneapolis office, originated the transaction.
The 24-month interest-only loan was funded through one of Grandbridge’s specialty lending relationships.
Developer The Tailwind Group will be converting an existing 400-unit market-rate apartment complex into a 336-unit student-housing community called Quarters at Iowa City. The property is located near the University of Iowa and Kirkwood Community College in Iowa City.
Work will include the renovation of 16 existing buildings, eight new construction buildings and a new two-story clubhouse. Amenities will include a 15,200-square-foot clubhouse, resort-style pool, 24-hour fitness center and student lounge.
