Finance W Minnesota

Grandbridge closes $2.8 million refinance for Minnesota property

Grandbridge closes $2.8 million refinance,ph01

Grandbridge Real Estate Capital recently closed a $2.8 million first mortgage loan secured by a 74,595-square-foot office/warehouse building in Edina, Minnesota.

Grandbridge vice presidents Tony Carlson and Brett Olson originated the refinance transaction.

Funding for the fixed-rate loan was provided by a life insurance company, and featured a 10-year term, 20-year amortization and a fixed interest rate in the mid-4-percent range. The interest rate was locked at application, and the transaction closed within 60 days.

“In this rising interest rate environment, the rate lock at application allowed the borrower to mitigate interest rate risk while moving toward an attractive long term nonrecourse loan,” Carlson said, in a statement.