Dealmaker: Grandbridge Arranges $38M in California, Minnesota

Grandbridge Real Estate Capital’s Los Angeles office closed three loans totaling $29.5 million with Thrivent Financial for Lutherans, Minneapolis.

Five industrial properties in Los Angeles County and Ventura County, Calif., secure the loans, which Grandbridge Senior Vice President Shelley Magoffin and Vice Presidents Perry Colligan and Max Sauerman originated.

Three industrial buildings totaling 677,500 square feet secure the largest loan of $17.5 million. The non-recourse financing featured partial release of collateral, cash-out, a 10-year fixed-rate term and 30-year amortization with the interest rate locked at application below 3.75 percent. Magoffin and Colligan negotiated a springing tenant improvement/leasing commission reserve to mitigate the near-term rollover risk of two of the buildings.

Grandbridge also placed two loans of $6 million each on behalf of a private real estate investment trust. One property, a 100,000-square-foot multi-tenant industrial building, lies in the South Bay submarket while the other, a 500-plus-unit self-storage facility, is in the San Fernando Valley.

The nonrecourse loan for the industrial building featured cash-out and a 15-year term with 30-year amortization at a sub-3.5 percent rate. The 10-year fixed-rate self-storage facility loan included cash-out and a step-down prepayment flexibility after year five. It bears interest at less than 3.75 percent.

In Minnesota, Grandbridge’s Minneapolis office closed an $8 million mortgage loan secured by a 60-unit apartment complex in Golden Valley. Vice President Tony Carlson originated the refinance transaction. A life insurance company provided the 25-year fixed-rate financing with 25-year amortization.  

Carlson said the non-recourse loan required no personal guaranty and closed with an interest rate below 4 percent. The borrower locked rate at application and paid off existing recourse debt.