Finance W Minnesota

Grandbridge closes $3.9 million loan for Minnesota retail property

Grandbridge closes $3.9 million loan for Minnesota retail property,ph01

Grandbridge Real Estate Capital recently closed a $3.9 million first mortgage secured by a 7,600-square-foot property in Minnetonka, Minnesota. The refinance loan was originated by Minneapolis-based Tony Carlson and Joe Lindberg.

The loan was funded through one of Grandbridge’s life insurance company correspondents and featured a 10-year term with a 30-year amortization. The loan closed with a fixed interest rate in the mid four percent range.

Grandbridge successfully worked with the borrower and lender to structure a transaction that met the borrower’s objectives. The rate was locked at application and allowed the property owner to eliminate interest rate risk for the next 10 years and increase cash flows with a 30-year amortization.