Grandbridge closes two multi-family loans in Twin Cities area
August 26, 2010 | Staff Writer | Print Article | Email this Article
Multi-family property in Mankato, Minn.
Tony Carlson, Dick Riley and Dave Rasmussen in the Minneapolis office of Grandbridge Real Estate Capital recently originated and closed two first mortgage multi-family loans totaling more than $4.7 million for first-time Grandbridge clients. Secured by 108 market rate apartment units, both refinance transactions were funded through a Fannie Mae Small Loan Program lender.
The first loan was secured by a 36-unit apartment complex in Apple Valley, Minn. The borrower purchased the property about 10 years ago, and Grandbridge successfully worked with the borrower to refinance his maturing conduit loan. The loan features a 10-year term, 30-year amortization and a fixed rate in the mid-5-percent range.
The second loan was secured by a 72-unit apartment complex in Mankato, Minn. This transaction refinanced the borrower’s maturing loan and was funded at 80 percent of appraised value. This loan also featured a 10-year term, 30-year amortization and a fixed rate in the mid-5-percent range.
Tags | Apple Valley, Grandbridge Real Estate Capital, Mankato, Minnesota, multi-family
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