Multifamily Midwest

Grandbridge closes $16 million financing for student housing near Michigan State University

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Funding was arranged through one of Grandbridge’s banking relationships.

Grandbridge Real Estate Capital recently closed a $16 million development loan secured by the Quarters at East Lansing, a 213-unit student housing community near Michigan State University in East Lansing, Mich.

The 30-month, interest-only construction/rehab loan closed with an adjustable rate near 3.0 percent.  Funding was arranged through one of Grandbridge’s banking relationships.

Minneapolis-based Grandbridge Real Estate Capital Vice Presidents, Brett Olson and Dick Riley, originated the transaction.