Dealmaker: Grandbridge Closes $73M for Multifamily

Grandbridge Real Estate Capital, Charlotte, N.C., closed $73.1 million in financing for multifamily assets in Virginia, Minnesota and South Carolina.

In Winchester, Va., Grandbridge Senior Vice President Paul Aanonsen originated a $21 million Freddie Mac loan secured by 180-unit Stuart Hill Apartments. The fixed-rate nonrecourse financing included an initial interest-only period followed by a 10-year term and 30-year amortization schedule.

The firm closed two loans in Minnesota. Senior Vice President Dave Rasmussen arranged a $29.6 million construction loan for Birdtown Flats, a 152-unit Class A property to be constructed in Minneapolis suburb Robbinsdale, Minn.

A bank funded the construction/mini-perm loan, which featured a seven-year term with 30 months of interest-only payments followed by a 30-year amortization schedule. The loan closed with a fixed interest rate in mid-four percent range.

Grandbridge also closed an $8.4 million first mortgage secured by an 82-unit property on the shore of Lake Minnetonka in Spring Park, Minn. The firm supplied a 12-year fixed- rate Fannie Mae nonrecourse loan. Minneapolis-based Vice President Tony Carlson originated the financing, which allowed the borrower to continue making unit improvements.

Grandbridge also closed a $14.1 million mortgage secured by Park at Boulder Creek Apartments, a 272-unit multifamily community in Columbia, S.C. Senior Vice President Alan Tapie originated the seven-year acquisition financing for a repeat client.

Freddie Mac, McLean, Va., purchased the permanent fixed-rate loan, which closed with an interest rate in the mid-four percent range.

“The acquisition represented an opportunity for the client to take advantage of a stable cash flowing asset and hedge their interest rate risk with a seven-year fixed-rate loan,” Tapie said.