Finance W Minnesota

Grandbridge provides $8.4 million loan for Minnesota apartment community

Grandbridge provides $8.4 million loan for Minnesota apartments,ph01

Grandbridge Real Estate Capital recently closed on the permanent refinance of an $8.46 million first mortgage loan secured by an 82-unit apartment project on the shores of Lake Minnetonka in Spring Park, Minnesota.

The nonrecourse loan was provided by Grandbridge through Fannie Mae and featured a 12-year term and low fixed interest rate. The refinance allowed the borrower to continue making unit improvements. This financing was originated by Minneapolis-based Vice President Tony Carlson.