Home / Markets / Grandbridge's Minneapolis office closes multi-family loans worth $8.5 million
WEDNESDAY, JANUARY 27, 2010
by Midwest Real Estate News Reports
The Minneapolis office of Grandbridge Real Estate Capital recently originated and closed two first mortgage multi-family loans totaling $8.5 million.
More than 300 market-rate apartment units secured the refinance transactions arranged by Dave Rasmussen and Tony Carlson, and funded through Fannie Mae's Delegated Underwriting and Servicing loan product.
Both fixed-rate, 10-year loans carried interest rates below 6 percent. The 30-year amortizations were designed to maximize cash flow for the borrower, a publicly traded Real Estate Investment Trust.
Grandbridge internally processed the non-recourse loans and closed the transactions before the end of 2009 to meet client needs. The loans place Grandbridge's Minneapolis office loan transaction volume at more than $550 million.
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