Dealmaker: Grandbridge Secures $27M in Three States

Grandbridge Real Estate Capital, Charlotte, N.C., arranged $27 million for multifamily, retail and office properties in Minnesota, Florida and California.

Minneapolis-based Grandbridge Vice President Tony Carlson and Real Estate Analyst Jeff Witt closed a $10 million first mortgage secured by a 133-unit apartment community in Moorhead, Minn.  

A life insurance company funded the 15-year fixed-rate refinance loan, which included a 30-year amortization schedule.

Carlson said Grandbridge arranged a “timely” closing process to meet the borrower’s year-end closing deadline.

In Clermont, Fla., 20 miles west of Orlando, Grandbridge closed a $5 million 20-year refinance loan secured by Oakley Square Shopping Center, a 30,000-square-foot retail center. 

Grandbridge Senior Vice President Philip Carroll originated the transaction. “A forward rate lock was executed six months prior to closing,” he said. He noted that a life insurance company funded the self-amortizing, fixed-rate non-recourse loan. 

“The transaction closed with a 4 percent interest rate,” Carroll said.

In El Segundo, Calif., Grandbridge arranged $12 million in life company funds to refinance a four-unit multi-tenant office building. The seven-year fixed-rate loan came with a 25-year amortization schedule.